Disables NFT collection due to openness case – Money Times

Disables NFT collection due to openness case – Money Times

Disables NFT collection due to openness case – Money Times
The minimum price for an NFT is Bored App Yacht Club Decreased by 50% in May. (Photo: Board App Yacht Club / Reproduction)

The open sea Passive trading for a Non-Functional Token (NFT) From the collection Board App Yacht Club (BAYC) On its platform, due to an ongoing lawsuit Singapore.

Oh NFT In question, BAYC # 2162 has been tagged “reported for suspicious activity” on OpenSea, the world’s largest internet trading platform. NFT This tag from the market prevents the current owner from listing NFT For sale. Potential buyers will also not be able to bid on the item.

A man named Rajesh Rajkumar received a restraining order from the Supreme Court of Singapore, blocking the sale, following a loan agreement with the collector. NFT The pseudonym was identified by chepierre.eth, the owner of BAYC # 2162, according to documents and a statement from the local law firm, Weeders Khattarong.

According to the law firm, both parties entered into a loan agreement on March 19, with a refinancing agreement a month later. The transaction was made on NFTfi, a credit lending platform. NFT.

Used by the prince Board App Yacht Club # 2162 According to the law firm’s statement, as a loan guarantee with both parties agreeing to an extension clause for a refinanced loan.

The applicant was unable to repay the loan on the due date, but had the option of extending the term as agreed.

Bored App Yacht Club celebrates 1st anniversary;
See what the collection stands out

According to the Singapore-based company, Chapierre did not maintain the refinancing agreement and executed the loan. Freedom from this action NFT From Platform Guarantee to Sheffield’s portfolio.

“Although we do not provide details on the steps applicable to individual collections, I can share that the platform’s policies and terms of service explicitly prohibit the use of openness to buy, sell or transfer stolen items, fraudulently obtained items, or items obtained without authorization. Or any other item obtained illegally or for money laundering, ”an OpenSea spokesperson told The Block.

Board App Yacht Club prices have dropped by 50%

Currently, the lowest price for an NFT Bored App Yacht ClubThat is, the cheapest item in the collection costs 96 ETH (US $ 190 thousand).

The most recent drop in collection values ​​has come down to floor prices Ether (ETH) For a BAYC.

In dollar terms, the purchase price of the cheapest item in the collection has dropped 50% since the beginning of the month, when BAYC’s floor price was 420,000.

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