Gibraltar court ends 2-month freeze of 542M PLAY tokens amid legal dispute

The Supreme Court of Gibraltar has reversed its decision to freeze 542 million PLAY tokens, worth around $2.6 million, in a court battle between two companies tied to the Web3 game-creation platform PLAY Network. The tokens were frozen in February, but Judge John Restano has now undone the freeze, citing insufficient evidence and the potential harm to the token's value. The legal dispute is between US-based Ready Makers, which operates as Ready Games, and its Gibraltar-based subsidiary, Ready Maker (Gibraltar) Limited, and its CEO, Christina Macedon. Ready Games claims Macedon took over the firm and its PLAY token, which is used as a reward on the PLAY Network. The token's price has plummeted by over 97% since it launched in December. Judge Restano found the evidence filed by Ready Games for the freeze to be "far from impressive" and raised more questions than it answered. Ready Games has filed to lodge an appeal and is seeking to have the tokens frozen again pending the appeal's outcome. The company's founder, David Bennahum, disagrees with the court's decision to lift the token freeze, saying the Gibraltar-based firm is in an "alarming state". Bennahum claims that Ready Games created Ready Maker in Gibraltar with its intellectual property and funding, and that Macedon has wrongfully seized control of the entity and its assets.