OpenSea disables Bored Ape NFT amid legal case in Singapore By OsatoNomayo
According to the law firm, both parties entered into an NFT loan agreement on March 19 with a subsequent refinancing deal a month later. This transaction was carried out on NFTfi, anRajkumar used BAYC #2162 as collateral for the loan with both parties agreeing on an extension clause for the refinanced loan, according to the law firm’s statement. The plaintiff was unable to pay back the loan at the due date but still had the option to extend this date as previously agreed upon.
According to Withers, chefpierre did not abide by the extension agreement but foreclosed on the loan. This action released the NFT from the platform’s escrow to chefpierre’s wallet., the market value of the cheapest item in the collection, is currently at 96 ETH . "While we don't offer details about enforcement actions on individual collections, I can share that our platform policies and Terms of Service explicitly prohibit the use of OpenSea to buy, sell or transfer stolen items, fraudulently obtained items, items taken without authorization and/or any other illegally obtained items or launder money," a spokesperson for OpenSea told The Block.© 2022 The Block Crypto, Inc. All Rights Reserved.
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