The Supreme Court of Gibraltar has lifted a freeze on 542 million PLAY tokens, nearly two-thirds of the circulating supply, after finding that the evidence supporting the freeze was not strong enough to justify it.
The court’s decision, issued on April 17 by Judge John Restano, ends a two-month freeze imposed in February during a legal dispute between two companies connected to the PLAY Network, a Web3 game-creation platform
Legal Conflict Between U.S. and Gibraltar Entities
The case involves U.S.-based Ready Makers (operating as Ready Games) and its founder David Bennahum, who filed a lawsuit against Gibraltar-based Ready Maker Limited and its CEO, Christina Macedo. Ready Games claimed that Macedo had taken control of the PLAY Network and its associated token, which was launched to reward users in the gaming ecosystem.
Judge Restano criticized the evidence provided by Ready Games, calling it “far from impressive.” He also noted that the company failed to disclose its administrative dissolution status at the time of requesting the freeze, a detail the judge deemed a “significant omission.” The court added that the freeze may have worsened the token’s already declining value, which has fallen over 97% since its launch in December
Reactions From Both Parties
Macedo welcomed the court’s decision, stating it brings “clarity” to partners and the PLAY Network community after months of what she described as “false and misleading statements.” On the other hand, Bennahum said Ready Games would appeal the decision and has submitted an urgent request to re-freeze the tokens while the appeal is ongoing.
Bennahum claims that Ready Maker was created in Gibraltar using U.S. intellectual property and funding, calling it a “token launch vehicle” for Ready Games. However, Judge Restano highlighted that official records indicate Macedo is the sole controller and beneficial owner of the Gibraltar company. Regulatory filings support her claim, while Macedo has disputed all allegations of wrongful control.