Gibraltar Court Ends Freeze On PLAY Tokens

The Supreme Court of Gibraltar has lifted the freeze on 542 million PLAY tokens, reversing its earlier decision made in February. The legal clash at the center involves Ready Maker (Gibraltar) Limited, which operates under the name PLAY Network.

Good to know

• The 542 million PLAY tokens account for nearly two-thirds of the total circulating supply.
• Judge Restano ruled that the court proceedings themselves likely impacted token value.
• Ready US is currently in administrative dissolution, which it failed to disclose in court.

On April 17, Judge John Restano sided against Ready US, stating that the freeze might have harmed the tokens’ market value. He noted that “whilst 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.”

The legal dispute began when Ready US and its founder, David Bennahum, accused the subsidiary’s CEO, Christina Macedo, of seizing control of the company and its token ecosystem. The PLAY token is used as a rewards system across the PLAY Network, a platform tied to Web3 gaming.

Back in February, Ready US had initially secured a court order to freeze the tokens, leading to the assets being transferred to a court-appointed custodian. At that point, the 542 million tokens were estimated to be worth $2.6 million.

However, in his April judgment, Judge Restano was not convinced by the arguments supporting the freeze. He described the evidence as “far from impressive, and raises more questions than it answers.” He also pointed out that Ready US failed to reveal its own administrative dissolution at the time it filed the freeze request, calling that “a significant omission.”

Macedo welcomed the decision, saying it brought clarity back to the platform’s users and partners. “I saw months of false and misleading statements made during the dispute,” she said. “The judgment restores clarity for our community and partners.”

Despite the outcome in Gibraltar, Ready US claimed in a February update that a court in Delaware had issued a temporary restraining order in its favor. That order required Ready Maker (Gibraltar) to give back access to tools such as GitHub repositories, cloud systems, and domain accounts.

The reversal by the Gibraltar court doesn’t necessarily end the legal battles, but it does shift momentum back to the team currently managing PLAY Network.