In an ongoing blockchain token battle, the Supreme Court of Gibraltar has lifted the worldwide freeze order against Ready Gibraltar — a legal action that was brought about by a company civil war.
Ready Gibraltar, run by executive Christina Macedo, pushed back against legal claims that previously resulted in an injunction freezing Ready Gibraltar’s token launch. The tokens were frozen for three months while the courts settled the matter. Beyond this case itself, this civil war probably just affirms the skepticism many have around blockchain games as being a legal mess.
Ready Makers Inc. representatives David Bennahum, Scott Rupp, and Davidi Gilo had sued to stop the issuance of Ready Gibraltar’s PLAY’s tokens and related assets. Macedo claimed in a press release that the Gibraltar court confirmed her as CEO and founder and the sole legal and beneficial owner of Ready Maker (Gibraltar) Ltd. (“Ready Gibraltar”).
Meanwhile, Macedo acknowledged that the dispute took a toll on the token’s price and, since the company was counting on the tokens for financing, the price collapse meant the company had to lay off people.
PLAY, an onchain gaming infrastructure platform, said the ruling removes the constraint on the $PLAY token’s operations and allows the team to stay focused on product delivery and ecosystem growth.
In a 32‑page judgment delivered on April 17 (Neutral Citation 2025/GSC/0172), the court’s Justice John Restano discharged the injunction after finding that the claimants had “no real prospect of success” and that “neither Mr. Bennahum nor Bitkraft are entitled to relief under the Token Agreements.” He also highlighted a critical omission: Ready US – the Delaware entity the claimants relied on to argue a proprietary right over Ready Gibraltar and the $PLAY tokens – had been non-compliant since March 2023 and dissolved since March 2024.
The Court further held that the freezing order had become “oppressive,” contributing to a sharp fall in the $PLAY token price that affected approximately 19,000 token‑holding wallets.
PLAY’s defense was led by London-based renowned James Ramsden KC, the attorney who halted Craig Wright’s unsuccessful lawsuits against crypto builders.
“This is a salutary lesson for claimants engaged in digital asset litigation who fail to engage with a clear understanding of the technology and its particular vulnerability to traditional interim orders. It is also a timely reminder of what happens to claimants who fail to treat the court and its processes with the care and candour it is entitled to expect,” said James Ramsden KC at the Astraea Group, in a statement.
Public price data shows the $PLAY token’s market capitalization fell from about $100 million pre-litigation to about $3.4 million at its lowest point in March 2025, impacting early backers such as Delphi Digital, Spartan Group, Polygon Ventures.
The February 4, 2025, order (varied 20 February 2025) is now concluded. A further hearing on April 25, 2025 will determine the indemnity costs payable to PLAY, Macedo said.
Ready Makers Inc.’s response to Ready Gibraltar
In a statement, Bennahum said:
The recent ruling you’re likely referring to is the Gibraltar Supreme Court’s decision on April 17, which discharged the temporary freezing order we had obtained back in February against Ready Maker (Gibraltar) Ltd. and its assets.
It’s crucial to understand this was not a final judgment on the merits of who rightfully owns Ready Gibraltar or the PLAY tokens. It was a decision specifically about whether that particular interim measure should continue at this stage, pending a full trial. In fact, the Judge himself acknowledged in his ruling that there is a ‘serious issue to be tried’ concerning the fundamental ownership dispute, confirming the substance and legitimacy of our core claims even while ruling on the temporary injunction.
We strongly disagree with the decision to lift the asset protection at this critical juncture, particularly given the alarming state of the company under Ms. Macedo’s leadership. The market’s assessment of Ready Gibraltar’s trajectory is stark: the PLAY token’s value has plummeted since its launch, and more tellingly, trading volume has virtually ceased – CoinMarketCap showed only about $70 worth traded in the entire 24 hours preceding today. This demonstrates a profound lack of market confidence and activity under the current disputed control.
Furthermore, beyond these market indicators, the operational status of the company is deeply concerning. We have received credible reports from former personnel suggesting that Ms. Macedo may have terminated all operational staff, leaving herself as essentially the sole person involved. This raises serious questions about the company’s ability to function, preserve value, or conduct any “ordinary course of business,” and contradicts any narrative that lifting the injunction was needed for business continuity. (Per above, Macedo confirmed layoffs took place at Ready Gibraltar).
This deteriorating situation underscores the mismanagement and the significant risk to the company’s assets – the very assets we sought to protect. It reinforces why we believe our immediate legal actions are necessary. We filed a Notice of Appeal against the entire judgment on the same day it was delivered (April 17th). Simultaneously, we filed an urgent application with the Gibraltar Court of Appeal asking them to either stay the discharge of the original injunction OR grant a new injunction on the same terms, specifically to keep the assets frozen and preserved pending the outcome of our appeal.
Our core position hasn’t changed: Ready Gibraltar was established by Ready US, utilizing Ready US intellectual property and significant funding from our investors, specifically to serve as our token launch vehicle. We maintain that Ms. Macedo and associated parties have wrongfully seized control of this entity and its assets. We are fighting to restore rightful control and ensure the assets are preserved for the benefit of Ready US, its investors, and the token holders who invested based on the original vision and structure.
We are confident in the merits of our case, as validated by the court’s own finding of a ‘serious issue to be tried,’ and we are pursuing the appeal vigorously.
Background of the Dispute
The dispute originated in late 2024, when Bennahum (former consultant per Macedo, but former CEO per Bennahum), Rupp, and Gilo demanded an additional fully-unlocked 20% of the $PLAY token supply, despite having no lawful claim, Macedo said. When PLAY refused, they filed parallel actions in Gibraltar and Delaware and obtained the now‑discharged freezing order while publicly questioning the token’s legitimacy.
Over the past four months, Macedo said PLAY documented coordinated traditional media and social media campaigns by Bennahum and others, across its community channels including Telegram and Discord, that combined misleading statements with threats of adverse publicity, all aimed at attacking Macedo, discrediting the PLAY team, and discouraging tokenholders, Macedo alleged.
“From day one, PLAY has operated with transparency and in the best interests of our community. The court’s judgment restores clarity for our community and partners. We are making this statement to correct the record and preserve the reputations of PLAY, our team, and myself after months of false and misleading statements made during the dispute. Our focus remains on building the PLAY ecosystem for developers, players, and creators,” said Macedo, CEO of PLAY Network, in a statement.
Ramsden added, “This is a decisive vindication for Christina Macedo and Ready Gibraltar. It is also good for Gibraltar as the leading digital asset jurisdiction in Europe. The challenge for courts everywhere is applying analogue legal principles to digital asset classes. The courts in Gibraltar have shown how this can be done whilst preserving the integrity and value of the asset class and the business that underpins it. This decision should further underpin Gibraltar as the jurisdiction of choice for this sector.”
Next Steps
- Token management: Custodied $PLAY tokens will be transferred back to PLAY’s multi-signature wallets by April 25, 2025, Macedo said.
- Damages claim: PLAY will pursue damages for reputational and financial harm, Macedo said.
Macedo said PLAY remains committed to creating an onchain ecosystem that democratizes access to Web3 gaming for developers, players, and creators. The company urges community members to amplify factual reporting and counter residual misinformation.
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