PLAY tokens worth $7M frozen amid legal spat
Ready Makers Inc., the US-based entity behind Ready Games, has won a legal round against its subsidiary Ready Maker (Gibraltar) Limited.
The Supreme Court of Gibraltar ordered a freeze on over 450 million PLAY (CRYPTO:PLAY) tokens, worth approximately $7 million.
This figure represents more than 46% of the token's maximum circulating supply.
The dispute arose after Ready Games alleged that Christina Macedo, CEO of Ready Maker (Gibraltar), breached trust arrangements by claiming personal ownership of the Gibraltar-based firm and its assets, including the PLAY token.
Ready Games claims the PLAY token, which rewards users on its gaming platform, was developed using its technology and investor funding.
Ready Games is trying to regain control of its Gibraltar subsidiary.
According to a statement by Ready Games, over 439 million digital assets were transferred to a court-appointed custodian in compliance with the order on February 11, 2025.
The Gibraltar court order targets Ready Maker (Gibraltar) Limited, which operates as PLAY Network.
It covers both the 150.4 million tokens claimed by Ready Games and its investors, and an additional over 300 million tokens held in Ready Gibraltar's operational wallets.
In addition to the Gibraltar action, Ready Games secured a restraining order in Delaware's Court of Chancery on January 3, 2025.
That order required Ready Gibraltar to restore Ready Games' access to its tech infrastructure, including GitHub repositories and cloud systems.
David S. Bennahum, Ready Games' Founder, stated that Ready Gibraltar was intended to be the token launch vehicle.
The PLAY token, launched in December 2024, has seen a significant decline in value.
Ready Games raised $8.5 million to develop the technology for integrating blockchain features into existing games.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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