PANews reported on April 22 that according to Cointelegraph, the Supreme Court of Gibraltar recently lifted the freeze order on 542 million PLAY tokens, which were involved in a legal dispute between two affiliated companies of the Web3 gaming platform PLAY Network. Judge John Restano, in his ruling on April 17, believed that continuing the freeze could damage the token's value and that the plaintiff's evidence was insufficient. These tokens account for about two-thirds of the circulation, currently valued at around $2.6 million, but have plummeted 97% since listing in December last year.
The US-based Ready Games accused its Gibraltar subsidiary Ready Maker and its CEO Christina Macedon of illegally controlling the company and token assets. The judge pointed out that the evidence submitted by the plaintiff had significant omissions, including not disclosing that the company was in the process of administrative dissolution. Macedon said the ruling "clarified doubts," while Ready Games founder David Bennahum stated that he has filed an appeal, insisting that the subsidiary was merely a "token issuance tool" he established. Ready Games said in a statement in February that its legal action was to "regain control of the Gibraltar company".
