The Supreme Court of Gibraltar has issued a freezing order on more than 450 million $PLAY tokens as part of an ongoing legal dispute between Ready Makers Inc. and its Gibraltar-based subsidiary, Ready Maker Ltd. The court order, issued on February 4, 2025, requires the preservation of these digital assets, representing over 46% of the token's maximum circulating supply. Ready Makers Inc. stated in a press release that in compliance with this ruling, more than 439 million tokens were transferred to a court-appointed custodian on February 11, 2025.
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Details on Legal Dispute
Ready Makers Inc., founded by David S. Bennahum, has been engaged in legal proceedings to regain control of Ready Maker (Gibraltar) Limited, also known as Play Network. The Gibraltar entity was initially established as a special-purpose vehicle to facilitate the launch of the $PLAY token.
The lawsuit alleges that former chief operating officer Christina Macedo improperly claimed personal ownership of Ready Gibraltar and its assets, including the $PLAY token, which was developed using Ready Makers' technology and investor funding. Macedo has denied any wrongdoing, describing the claims as baseless and factually incorrect. She has stated that her focus remains on supporting the Play Network ecosystem and its community.
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Court Orders and Previous Legal Rulings
The legal action in Gibraltar follows an earlier ruling by the Court of Chancery in Delaware, which granted Ready Makers Inc. a temporary restraining order on January 3, 2025. This order required Ready Gibraltar to restore Ready Games' access to critical technology infrastructure. The recent Gibraltar court order further strengthens Ready Games' position by preventing any attempt to redomicile Ready Maker Gibraltar or the $PLAY token, ensuring that intellectual property and digital assets remain protected.
Investor and Industry Reactions
The case has drawn attention from the web3 gaming industry, particularly among investors and stakeholders in Ready Games. Bitkraft Ventures, one of Ready Games' major investors, has publicly supported the legal action. Scott Rupp, Founding General Partner of Bitkraft Ventures, emphasized the importance of the Gibraltar court's intervention, stating that international courts recognize the seriousness of Ready Games' claims regarding intellectual property and asset ownership. He highlighted that such legal protections are essential for maintaining trust and governance within the web3 gaming sector.
Ready Games, which has received investment from companies including Bitkraft Ventures, Comcast Ventures, Take-Two Interactive Chairman Strauss Zelnick, and angel investor Jason Calacanis, had raised $8.5 million to develop blockchain technology for game publishers. The freezing order issued by the Gibraltar court represents a significant step in resolving the ongoing dispute over the $PLAY token ecosystem.
Over 450 Million $PLAY Tokens Frozen in Legal Dispute
Legal Representation and Next Steps
Ready Makers Inc. is represented in Gibraltar by Keith Azopardi KC and Kelly Power of TSN Law, while its legal team in Delaware consists of Ali Mojibi and Robert C. Gianchetti of Covington & Burling LLP. As the case progresses, further legal developments will determine the future of Ready Maker (Gibraltar) Limited and the $PLAY token. The outcome of this dispute is expected to have broader implications for governance and asset control in the web3 gaming industry.
