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A court in Singapore has issued a freezing injunction preventing the sale of a Bored Ape non-fungible token (NFT), on behalf of a Singaporean investor against an unknown defendant.
Singapore Court Restores Rare Ape NFT to Rightful Owner
The Singapore High Court issued an order in the commercial dispute over a Bored Ape NFT while restoring its ownership to Janesh Rajkumar, after it had been used as collateral in a loan and subsequently seized. Rajkumar had used his NFT to borrow Ethereum from Twitter personality "chefpierre" on NFTfi. The ape was to be held in escrow by NFTfi until the loan could be repaid with the stipulation that the loan could be extended. However, rather than extending, chefpierre foreclosed on the loan, shifted the NFT to his personal Ethereum wallet, and listed it for sale in OpenSea.
NFTs Getting Recognized as Valuable Property
Shaun Leong, a lead counsel for the case opined that this is the first decision in a commercial dispute where NFTs are recognized as valuable property worth protecting. Leong asserted that the ruling is important as it recognizes that Singapore courts can take jurisdiction over assets in the crypto space. The UK also had a recent landmark ruling in January when it recognized NFts as legal property, froze two stolen NFTs, and returned them to the digital wallet of the owner.