There is often public debate about who is at fault and who is responsible when NFT owners have their assets stolen. In the case of Robert Armijo, this argument came to court following his theft of his Bored Ape NFT. However, in its final judgment, the judge chose to dismiss the lawsuit filed. high seas.
who is at fault?
The story began when Armijo had three of his Bored Ape NFTs stolen after clicking on a link from a fake asset buyer who followed to list the stolen assets on OpenSea. After realizing he had been tricked, Armijo tried to contact his OpenSea customer service. He also communicated with Bored Ape’s customer service to help escalate the ticket with OpenSea.
One of the stolen NFTs was sold on OpenSea, but the marketplace froze the thief’s account and the thief sold the rest of the NFTs on other marketplaces. After this incident, Armijo filed a lawsuit against Opensea, Yuga Lab for negligence.
Unfortunately, Miranda M. Du, Chief Justice for the United States District, dismissed the case on the grounds that Armijo’s losses were financial.
Loss of a plaintiffs right to commercialize a stolen NFT is likewise a purely economic loss. Plaintiffs are correct in claiming that physical damage is involved, but the economic loss doctrine generally does not address such a broad definition of “damage,” the judge said.
Armijo’s legal representatives said they would review the judgment before making any further decisions.
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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Tokoni Uti has written extensively on blockchain and cryptocurrencies over the years. Her work has been featured on sites such as BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.