According to the case documents, the plaintiff, a citizen of Singapore, is a borrower on NFTfi, a platform that allows people to use NFT as collateral for cryptocurrency loans. The defendant, whose username is chefpierre.eth, is a lender on the platform. The borrower used BAYC #2162 as collateral to borrow cryptocurrency because he could obtain a larger loan "due to its rarity and high value. The claimant requested a refinancing of the loan regarding NFT as collateral in mid-April, but after some back-and-forth, chefpierre gave a short timeframe in which the loan could be repaid. According to the document, chefpierre foreclosed on the NFT after the claimant was unable to pay. The claimant alleges "unjust enrichment" in the case.
Source BAYC
Event
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