Seth Green Spends $300,000 To Reclaim His Stolen Bored Ape Yacht Club NFT.

Seth Green of Family Guy allegedly paid a large price to reclaim ownership of his stolen Bored Ape Yacht Club NFT.

According to BuzzFeed News, actor Seth Green has been reunited with the Bored Ape Yacht Club NFT he lost in a phishing attack last month. Green allegedly paid 165 Ether for the NFT, which was later sold to a collector for more than $295,000 at current pricing.

Last month, four of Green’s NFTs valued more than $300,000 were stolen, including Bored Ape NFT #8398, which not only cost him $200,000 to buy, but was also supposed to be the hero of Green’s upcoming TV show “White Horse Tavern.”

Seth Green acknowledged the NFT’s “is home” on Thursday during an appearance on a Twitter Spaces discussion. Transaction logs show that the cash were transferred from Green’s wallet to an NFT collector known as “Mr. Cheese” or “DarkWing84” via the crypto escrow site NFT Trader.

The collector claimed to have bought the NFT “in good faith” after Green was duped when trying to mint an NFT on a bogus website; in late May, Green threatened legal action against DarkWing84 before confirming contact with the collector.

At the moment, NFT marketplace OpenSea has left a flag reporting Bored Ape #8398 for “suspicious activity” active, which means the NFT is locked and cannot be bought or sold on the marketplace; so, Green moved to NFT Trader to complete the transaction with DarkWing84.

While it is unclear what compelled DarkWing84 to return the NFT to its original owner, the events surrounding the narrative aroused concerns about the intellectual property (IP) rights provided by NFT ownership.

According to the licensing rules for the Bored Ape Yacht Club NFT series, while Yuga Labs, the collection’s creators, own the copyright to the brand, the company grants the owner of the individual NFTs a broad license to use the photo they own, including an unlimited, worldwide license to use, copy, and display the purchased art.

The NFTs’ owners have already leveraged their license rights to generate Bored Ape-branded content and enterprises ranging from restaurants to concerts. Those restrictions, however, do not account for NFTs that have been stolen and resold, raising concern that Seth Green may be unable to proceed with his planned TV show.

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Patrick

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