The Singapore High Court rules court has jurisdiction over a case involving NFT

10/26 07:29

According to Forkast, the Singapore High Court issued a “huge decision” in affirming the court’s jurisdiction over a case involving a non-fungible token (NFT). The case involves a plaintiff who used a Bored Ape Yacht Club NFT as collateral for an Ethereum-based decentralized finance (DeFi) loan of $150,000 in March this year, according to court documents. The NFT was valued at $500,000 at the time. The defendant, who is known only under the online pseudonym “chefpierre,” later foreclosed the loan in a dispute over a refinancing of the debt and moved the NFT from an escrow wallet to a personal wallet, according to the court documents. The judge in the case, Justice Lee Seiu Kin, in May placed an injunction to block any sale and transfer of the NFT in question and has now ruled Singapore has jurisdiction in the case.
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