The Singapore Supreme Court has banned the sale of NFTs from the Bored Ape Yacht Club (BAYC) collection as part of a loan settlement process. This was reported by the law firm Withers KhattarWong, which represents the plaintiff’s interests.

“On behalf of a Singaporean NFT investor, Withers KhattarWong, an international law firm, has issued a global injunction against the sale and transfer of ownership of the rare BAYC token,” the statement said.

We are talking about BAYC #2162 with an average value of trades of 7.98 ETH (~$16,200 at current currency). On the OpenSea platform, NFT is flagged for “suspicious activity”. This tag prevents the owner of the asset from listing it as for sale.

According to OpenSea, at the time of writing, the average token price in the BAYC collection is 95 ETH ($193,040).

According to the Singapore courthouse website, the plaintiff in the case was Janesh Rajkumar and the defendant was an “unidentified person” hiding under the name Chefpierre. Probably a collector’s item. chiefpierre.eth.

According to Withers KhattarWong, on March 19, 2022, the parties signed a loan agreement secured by BAYC #2162 on the NFTfi platform. Second, it transfers ownership of the NFT to the lender if the borrower defaults.

A debt refinancing agreement was signed on April 20, 2022. The parties to the transaction also agreed on a potential extension of the refinanced loan.

The claimant was unable to pay the funds by the due date, but had the option to extend that date under an earlier settlement.

Lawyers argue that Chefpierre did not comply with the extension agreement, instead placing a lien on the collateral of the loan. This allowed him to withdraw the token from his NFTfi platform escrow account to his personal wallet.

Rajkumar asked the court to order chief Pierre to return the coin to him in exchange for repaying the loan.

Recall that in April, on the backdrop of the launch of the Otherside metaverse, the minimum price of NFTs from the BAYC collection updated its historical maximum above $430,000.