Source: Cointelegraph Original: "{title}"

The Supreme Court of Gibraltar has revoked its earlier decision to freeze 542 million PLAY tokens, a freeze related to the legal battle between two companies of the Web3 gaming platform PLAY Network.

In a ruling on April 17, Gibraltar Supreme Court Judge John Restano overturned the freeze decision made in February, stating that continuing the freeze could affect the value of the tokens and that the evidence submitted was insufficient to support the continuation of the freeze.

He wrote, "While there may be many reasons for the decline in token value, the evidence before the court suggests that these legal proceedings are one of those factors."

Ready Makers, based in the United States (operating as Ready Games), and its founder David Bennahum filed a lawsuit against its subsidiary Ready Maker (Gibraltar) Limited and its CEO Christina Macedon in Gibraltar. The lawsuit claims that Macedon took control of the company and the PLAY tokens used as rewards by PLAY Network.

In February, Ready Games won a ruling to freeze the tokens, and Ready Maker (operating as PLAY Network) in Gibraltar handed the tokens over to a court-appointed custodian.

The 542 million PLAY tokens account for nearly two-thirds of its current circulating supply, valued at approximately $2.6 million. According to CoinGecko data, the token's price has plummeted over 97% since its launch last December.

Gibraltar Judge Restano stated that the evidence submitted by Ready Games for the freeze application was "far from convincing and raised more questions than answers."

He added, "I do not believe this is a case where a freeze order should be reissued at all costs," noting that Ready Games failed to disclose its status of administrative dissolution when applying for the token freeze, which he called "a significant omission."

David Bennahum, founder of Ready Games, told Cointelegraph that the company has appealed and submitted an urgent application to the Gibraltar Court of Appeal, requesting either a suspension of the lifting of the original injunction or the issuance of a new injunction to re-freeze the tokens until the appeal outcome is determined.

He added that the company disagrees with the court's decision to lift the token freeze and stated that Ready Maker in Gibraltar is in a "concerning state."

Ready Games Founder: Ready Maker is merely a "token issuance tool"

Bennahum reiterated previous claims that Ready Games established Ready Maker in Gibraltar and utilized the intellectual property and funds of the U.S. company "specifically as our token issuance tool."

"We maintain that Ms. Macedon and her associates have wrongfully controlled the entity and its assets," he said. Judge Restano noted in his ruling that Macedon disputed Bennahum's claims, and regulatory documents indicated that she is the sole controller and ultimate beneficial owner of the Gibraltar-based company.

In a statement in February, Ready Games stated that its court lawsuit was aimed at "restoring control over the Gibraltar company."

The statement also noted that a commercial court in Delaware issued a temporary injunction requiring Ready Gibraltar to restore Ready Games' access to the company's tech stack, such as "GitHub repositories, cloud systems, and domain accounts."

Related: The Wall Street Journal reports that Circle and BitGo are set to apply for banking licenses, with other companies likely to follow suit.

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