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Joanna Ossinger
A court in Singapore has issued a freezing injunction preventing the sale of a Bored Ape nonfungible token, in one of the first cases of its kind that could have broad ramifications for digital assets.
The NFT, from the famed Bored Ape Yacht Club series, shouldn’t be sold pending the resolution of an ownership dispute after it was foreclosed on as collateral for a loan, a court said. The law does recognize both fungible and non-fungible tokens as a form of property to which court injunctions can attach, and the NFT case is a consistent application of that same principle, according to Hagen Rooke, a partner at law firm Reed Smith LLP in Singapore, who wasn’t involved in the case.
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