PANews reported on April 22 that according to Cointelegraph, the Gibraltar Supreme Court 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. In his ruling on April 17, Judge John Restano believed that continued freezing could damage the value of the tokens and that the plaintiffs had insufficient evidence. These tokens account for about two-thirds of the circulation and are currently worth about $2.6 million, but have plummeted 97% since they were listed in December last year.
The US company Ready Games accused its Gibraltar subsidiary Ready Maker and its CEO Christina Macedo of illegally controlling the company and token assets. The judge pointed out that there were major omissions in the evidence submitted by the plaintiff, including the failure to disclose that the company was in administrative dissolution. Macedo said the judgment "clarified the doubts of all parties", while Ready Games founder David Bennahum said he had filed an appeal, insisting that the subsidiary was just a "token issuance tool" established by it. Ready Games said in a statement in February that its litigation action was to "restore control of the Gibraltar company."
