After having to temporary put a hold to the production of his upcoming NFT show ‘White Horse Tavern’ due to his protagonist Bored Ape NFT being snatched from his wallet, Seth Green has finally been reunited with his beloved blue chip ape.
Despite the good news, Green’s retrieval of the asset was not one which followed typical judicial-like procedures, as instead, it was one which was embedded with a lack of regulation, much uncertainty, and a wealth of monetary loss.
For background, Green’s Bored Ape #8398, which he named Fred Simian (and all made a Twitter account for) was stolen from his wallet in a phishing scam last month, and was then sold to an NFT collector called ‘Mr Cheese’ for around $200,000 (approx.113 ETH).
After tracking the location of his stolen ape, Green initially threatened to sue Mr Cheese if he didn’t return the ape, however given Cheese’s confidence that no action can be taken (which was backed up by their ‘bought in good faith’ argument), a costless bargain couldn’t be rendered, meaning on Tuesday, Green forked out a whopping 65 ETH (or approximately $297,000) to reclaim Mr. Simian.
The transaction, which saw Mr Cheese rake in a healthy $100,000 in profit, was reportedly done by way of a crypto escrow platform called NFT Trader. Shortly after, the funds were transferred to Cheese’s alias DarkWing84.
In wake of the retrieval, Bored Ape #8398 is still marked with a ‘suspicious activity’ label on OpenSea, and it remains unable to be bought or sold on the marketplace, which is why the transaction came through NFT Trader’s escrow function.
With regards to the making of White Horse Tavern, Green hasn’t explicitly addressed whether plans can recommence, however given that the all-important Bored Ape IP is back in his hands, there’s no reason why the show won’t re-continue its production.
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Reposted from: nftplazas.com