Gibraltar court lifts freeze on 542M PLAY tokens worth $2.6M

The Supreme Court of Gibraltar has lifted a freeze on 542 million PLAY (CRYPTO:PLAY) tokens, ending a two-month restriction tied to a legal dispute involving the PLAY Network platform.

In a ruling issued by Judge John Restano, the court reversed its February order, citing insufficient evidence and noting that the freeze appeared to have negatively impacted the token’s value.

“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,” Restano stated.

The dispute centers on US-based Ready Makers Inc., operating as Ready Games, and its founder David Bennahum, who filed the original motion against its Gibraltar-based subsidiary, Ready Maker (Gibraltar) Limited, and CEO Christina Macedon.

Ready Games alleged that Macedon wrongfully assumed control of the Gibraltar entity and its PLAY tokens, which are used as rewards on the PLAY Network.

Following the initial court order in February, the tokens—representing nearly two-thirds of PLAY’s circulating supply—were transferred to a court-appointed custodian.

At the time of the freeze, they were valued at around $2.6 million. Since the token’s December launch, its price has dropped over 97%, according to CoinGecko.

In his ruling, Judge Restano criticised the case presented by Ready Games, stating it “raises more questions than it answers.”

He also pointed out that Ready Games failed to disclose that it was in administrative dissolution at the time of filing, calling it “a significant omission.”

Ready Games has appealed the decision and submitted an urgent application to the Gibraltar Court of Appeal to either stay the judgment or reinstate the freeze pending appeal.

Bennahum described Ready Maker’s current condition as “alarming” and reiterated that the Gibraltar firm was set up as a “token launch vehicle” using Ready Games’ intellectual property and funding.

Judge Restano’s ruling also acknowledged that Macedon disputes Bennahum’s claims and is listed in regulatory filings as the sole controller of the Gibraltar entity.

Ready Games previously obtained a temporary restraining order in Delaware, requiring Ready Maker (Gibraltar) to restore access to certain technical resources, part of its broader effort to regain operational control.