OpenSea banned from collecting NFTs due to lawsuit

The minimum price for NFT is Boring Ape Yacht Club It fell 50% in May. (Image: Boring Ape Yacht Club/Copy)

open sea Deactivate transactions Non-Fungible Tokens (NFTs) from favorites Boring Ape Yacht Club (BAYC) on its platform, due to ongoing litigation Singapore.

NFT The BAYC #2162 in question was flagged as a “suspicious activity report” on OpenSea, the world’s largest internet trading platform. NFT from the market.This label prevents the current owner from being listed NFT sell. Potential buyers also cannot bid on the item.

A man named Rajesh Rajkumar obtained an injunction from Singapore’s Supreme Court blocking the deal after striking a loan deal with the collector. NFT According to documents and statements from local law firm Withers KhattarWong, identified by the pseudonym chepierre.eth, he is the owner of BAYC #2162.

According to the law firm, the two parties signed the loan agreement on March 19 and reached a refinancing agreement a month later. The transaction was carried out on the credit lending platform NFTfi. NFT.

Rajkumar uses Boring Ape Yacht Club #2162 As collateral for the loan, the parties agreed to the extension terms of the refinance loan, according to the law firm’s statement.

Applicants cannot repay the loan on the due date, but still have the option to extend the term, as has been agreed.

The first anniversary of the establishment of the Boring Ape Yacht Club;
See what makes this collection stand out

Instead of maintaining an agreement to extend the refinancing, chepierre executed the loan, according to the Singapore company.This move released NFT From platform assurance to chefpierre portfolio.

“While we do not provide details of enforcement actions regarding personal collections, what I can share is that the platform’s policies and terms of service expressly prohibit the use of OpenSea to buy, sell or transfer stolen, fraudulently obtained, unauthorized Items obtained under authorization and/or any other items obtained illegally or used for money laundering,” an OpenSea spokesperson told The Block.

Boring Ape Yacht Club prices plummet by 50%

Currently, the lowest price of NFT Boring Ape Yacht Clubi.e. the cheapest item in the collection is worth 96 ETH ($190,000).

Recent collectibles have dropped reserve prices Ether (ETH) For a BAYC.

In dollar terms, the value of buying the cheapest item in the collection is down 50 percent from earlier this month, when BAYC’s reserve price was $420,000.

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