Gibraltar Court Lifts Freeze on 542 Million PLAY Tokens

The Supreme Court of Gibraltar has reversed its decision to freeze 542 million PLAY tokens, which were at the center of a legal dispute between two companies linked to the Web3 game-creation platform, PLAY Network. The freeze, which was imposed in February, was lifted on April 17 by Judge John Restano. The judge found that the evidence presented by the plaintiff, US-based Ready Makers (operating as Ready Games) and its founder, David Bennahum, was insufficient to continue the freeze. The judge also noted that the freeze could have negatively impacted the value of the tokens, which have already seen a significant decline since their launch in December.

The legal dispute involves Ready Games and its Gibraltar-based subsidiary, Ready Maker (Gibraltar) Limited, and its CEO, Christina Macedon. Ready Games alleges that Macedon took control of the firm and its PLAY token, which is used as a reward on the PLAY Network. The 542 million PLAY tokens represent nearly two-thirds of the token's current circulating supply and are worth around $2.6 million. The token's price has plummeted by over 97% since its launch, trading for fractions of a cent in recent months.

Judge Restano criticized the evidence presented by Ready Games as "far from impressive" and highlighted a significant omission: Ready Games' failure to disclose that it was in administrative dissolution at the time of filing for the token freeze. This omission, along with the insufficient evidence, led the judge to conclude that the freeze should not be re-granted. Bennahum has expressed disagreement with the court's decision, stating that the Gibraltar-based firm is in an "alarming state" and that his company has filed an appeal alongside an urgent application to stay the discharge of the original injunction or grant a new one.

Macedon, however, disputes Bennahum's claims, with regulatory filings indicating that she is the sole controller and ultimate beneficial owner of the Gibraltar-based firm. The legal dispute continues, with both parties presenting differing narratives about the control and ownership of the PLAY Network and its associated tokens. The outcome of this legal battle could have significant implications for the future of the PLAY Network and its token holders.