Further to the legal dispute between Ready Games and Ready Maker (Gibraltar) Ltd, the entity set up to launch the PLAY token, the Supreme Court of Gibraltar has now lifted the freezing order against PLAY’s tokens and its related assets.
In February 2025, US outfit Ready Games and its lead investor Bitkraft gained a legal victory resulting in the freezing of 450 million PLAY tokens – 46% of the total supply – 439 million of which were transferred to a court-appointed custodian.
In the official judgement delivered on 17th April 2025, Mr Justice Restano discharged the injunction, also pointing out that Ready US had been non-compliant since March 2023 and dissolved as a company since March 2024.
The new ruling also confirmed PLAY Network founder and CEO Christina Macedo as the sole legal and beneficial owner of Ready Maker (Gibraltar) Ltd.
In addition, the court noted that the freezing order had resulted in a sharp fall in the PLAY token price. The pre-litigation market cap was about $100 million, which as a result of the court case dropped to about $3.4 million, affecting around 19,000 wallets.
A further hearing on 25th April 2025 will determine the indemnity costs payable to PLAY.
PLAY was represented by London-based digital asset lawyer James Ramsden KC, as well as Ready Gibraltar’s solicitors in Gibraltar Signature Litigation.
Commenting on the ruling, Ramsden said, “This is a salutary lesson for claimants engaged in digital asset litigation who fail to engage with a clear understanding of the technology and its particular vulnerability to traditional interim orders. It is also a timely reminder of what happens to claimants who fail to treat the court and its processes with the care and candour it is entitled to expect.”
Macedo commented, “From day one, PLAY has operated with transparency and in the best interests of our community. The court’s judgment restores clarity for our community and partners.”
“We are making this statement to correct the record and preserve the reputations of PLAY, our team, and myself after months of false and misleading statements made during the dispute. Our focus remains on building the PLAY ecosystem for developers, players, and creators.”