A court order has been issued against the sale or future transfer of a non-fungible token (NFT) owned by the Bored Ape Yacht Club (BAYC). As per the report, the NFT is presently in the hands of Chefpierre, an online lender.
The individual, named Janesh Rajkumar by the Strait Times (ST), is attempting to reclaim the BAYC 2162 NFT that he put up as collateral for a loan from Chefpierre. Rajkumar alleged that the NFT was stolen from him without his permission.
Celebrities love the Bored Ape Yacht Club NFTs, with some paying a lot of money. According to the ST news, Madonna is the latest celebrity to purchase a BAYC non-fungible coin after apparently paying 180 ETH.
Unique Qualities of BAYC
Rajkumar asserted that the collection is unique even among BAYC NFTs since it includes characteristics that allow the possessor to establish another original series. Rajkumar was able to borrow money by using the BAYC as collateral because of the NFT’s rarity and high value.
Rajkumar claimed in his case before the Singapore High Court that his loan arrangement with Chiefpierre stated that he would not transfer ownership of the NFT. Instead, Rajkumar would notify the lender if he failed to return the loan on time, and the lender would be required to provide an appropriate prolongation of the repayment term.
