OpenSea disabled NFT collection due to lawsuit – Money Times

The minimum price for NFT Boring app yacht club Fell 50% in May. (Image: Board App Yacht Club / Reproduction)

OpenSea Passive trade for a Non-Fungible Token (NFT) From the collection Board App Yacht Club (BAYC) On its platform due to the ongoing lawsuit in Singapore.

O NFT In question, BAYC # 2162, the world’s largest Internet trading platform, has been tagged “reported for suspicious activity” on OpenSea. NFTs From the market. This tag prevents the current owner from being listed NFT For sale. Even potential buyers cannot bid on the item.

A man named Rajesh Rajkumar obtained a restraining order from the Singapore Supreme Court restraining the sale following a loan agreement with the Collector of Singapore. NFT The owner of BAYC # 2162 was identified by the nickname chepierre.eth, according to documents and a statement from local law firm, Withers Khattarwong.

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 the credit lending platform NFTfi. NFTs.

Used by the prince Board App Yacht Club # 2162 As collateral for the loan, both parties have agreed to an extension clause for the refinancing loan, according to the law firm.

The applicant could not repay the loan on the due date, but there was still an option to extend the term as agreed.

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See what makes the collection different

According to the Singapore-based company, Chapier did not maintain the contract for refinancing expansion and executed the loan. Freed by this action NFT From Platform Guarantee to Shakespeare Portfolio.

“Although we do not provide details of enforcement actions on personal collections, I can share that the platform’s policies and terms of service openness use to buy, sell or transfer stolen goods, fraudulently obtained goods, unauthorized goods and / or any other illegally or for money laundering. Goods, ”an OpenSea spokesperson told The Block.

Board App Yacht Club prices down 50%

Currently, the minimum price for NFT Boring app yacht clubThat means the cheapest item in the collection is worth 96 ETH (US $ 190 thousand).

The most recent drop in collection values ​​has led to a drop in floor prices ETH For BAYC.

In dollar terms, the purchase price of the cheapest item in the collection is 50% lower than at the beginning of the month, when BAYC’s floor price was $ 420,000.

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