{"id":127663,"date":"2025-04-22T05:15:36","date_gmt":"2025-04-22T05:15:36","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127663"},"modified":"2025-04-22T05:15:36","modified_gmt":"2025-04-22T05:15:36","slug":"gibraltar-court-ends-2-month-freeze-of-542m-play-tokens-amid-legal-dispute","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127663","title":{"rendered":"Gibraltar court ends 2-month freeze of 542M PLAY tokens amid legal dispute"},"content":{"rendered":"

Source: Cointelegraph.com NewsThe Supreme Court of Gibraltar has reversed its decision to freeze 542 million PLAY tokens in a court battle between two companies tied to the Web3 game-creation platform PLAY Network.
\nIn an April 17 judgment, Gibraltar Supreme Court Judge John Restano undid his earlier February freeze of the tokens, finding it could have hurt the value of the tokens and that the evidence filed was insufficient to continue the freeze.
\n\u201cWhilst there may be many reasons for the drop in value of the tokens, the evidence before the court suggests that these proceedings are a factor in that regard,\u201d he wrote.
\nUS-based Ready Makers, which operates as Ready Games, and its founder, David Bennahum, have filed a legal dispute against its Gibraltar-based subsidiary, Ready Maker (Gibraltar) Limited, and its CEO, Christina Macedon. The suit claims she took over the firm and its PLAY token that is used as a reward on the PLAY Network.
\nReady Games won a freeze of the tokens in February, with the Gibraltar-based Ready Maker, operating as PLAY Network, handing them over to a court-appointed custodian.
\nThe 542 million PLAY tokens are nearly two-thirds of its current circulating supply and are worth around $2.6 million. The token\u2019s price has plummeted by over 97% since it launched in December, according to CoinGecko.
\nPLAY has sunk over the past three months to trade for fractions of a cent. Source: CoinGeckoJudge Restano said the evidence filed by Ready Games for the freeze was \u201cfar from impressive, and raises more questions than it answers.\u201d
\nHe added he did \u201cnot consider that this is a case where the order should be re-granted in any event,\u201d and cited Ready Games\u2019 failure to disclose that it was in administrative dissolution at the time of filing for the token freeze, which he called \u201ca significant omission.\u201d
\nReady Games\u2019 Bennahum told Cointelegraph that it has filed to lodge an appeal alongside \u201can urgent application with the Gibraltar Court of Appeal asking them to either stay the discharge of the original injunction or grant a new injunction\u201d so the tokens could again be frozen pending the appeal’s outcome.
\nHe added that his company disagreed with the court\u2019s decision to lift the token freeze, saying that the Gibraltar-based firm was in an \u201calarming state.\u201d
\nReady Maker is just a \u201ctoken launch vehicle\u201d \u2014 Ready Games founder
\nBennahum reiterated an earlier claim that the US-based Ready Games created Ready Maker in Gibraltar with the US company\u2019s intellectual property and funding \u201cspecifically to serve as our token launch vehicle.\u201d
\n\u201cWe maintain that Ms. Macedo and associated parties have wrongfully seized control of this entity and its assets,\u201d he said. Judge Restano said in his judgment that Macedo disputed Bennahum\u2019s claim, and regulatory filings purportedly show she is the sole controller and ultimate beneficial owner of the Gibraltar-based firm.
\nRelated: Crypto gaming has mixed Q1 as deals jump, investment totals dip: DappRadar\u00a0
\nReady Games had said in a February statement that its court action was to \u201crecover control\u201d of the Gibraltar company.
\nIt added that a Delaware business court issued a temporary restraining order that required Ready Gibraltar to restore Ready Games\u2019 access to the firm\u2019s tech stack, such as \u201cGitHub repositories, cloud systems, and domain accounts.\u201d
\nWeb3 Gamer: Riskiest, most \u2018addictive\u2019 crypto game of 2025, PIXEL goes multi-game\u00a0Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsThe Supreme Court of Gibraltar has reversed its decision to freeze 542 million PLAY tokens in a court battle between two companies tied to the Web3 game-creation platform… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127663"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127663"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127663\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127663"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}