Seth Green Retrieves Stolen Bored Ape NFT at a Hefty Cost

A group of hackers stole a Bored Ape from the Ethereum blockchain. Seth Green, an avid gamer and crypto enthusiast saw this as an opportunity to showcase how blockchain can track items that were once stolen.

The “bored ape nft price” is a NFT that was stolen from artist Seth Green. The artwork was then sold on the secondary market for $1,000.

Seth Green has been reunited with his beloved blue chip ape after having to temporarily put the production of his next NFT show ‘White Horse Tavern’ on hold owing to his protagonist Bored Ape NFT being kidnapped from his wallet.

Despite the positive news, Green’s asset recovery did not follow traditional legal processes, and instead was marred by a lack of regulation, a great deal of ambiguity, and a great deal of financial loss. 

For context, Green’s Bored Ape #8398, which he dubbed Fred Simian (and for whom he created a Twitter account), was stolen from his wallet in a phishing scam last month, and then sold for about $200,000 to an NFT collector titled ‘Mr Cheese’ (approx.113 ETH). 

Green threatened to sue Mr Cheese if he didn’t return his stolen ape, but given Cheese’s belief that no action could be taken (supported up by their ‘purchased in good faith’ argument), a costless agreement couldn’t be struck, and on Tuesday, Green paid 65 ETH (about $297,000) to recapture Mr. Simian.

The deal, which netted Mr Cheese a tidy $100,000 profit, was purportedly carried out using a crypto escrow site known as NFT Trader. The cash were quickly transferred to Cheese’s pseudonym DarkWing84.

Bored Ape #8398 is still labelled with a’suspicious behavior’ label on OpenSea as a result of the retrieval, and it is unable to be purchased or sold on the marketplace, which is why the transaction was completed using NFT Trader’s escrow service. 

Green hasn’t said whether or not the development of White Horse Tavern will resume, but considering that the all-important Bored Ape IP is back in his hands, there’s no reason why it won’t. 

 

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