PLAY Token Seizure Overturned By Gibraltar Supreme Court

With the rising popularity of blockchain and other crypto-based products, the involvement of legal institutions and courts has grown to a new height, and in a most recent development, the Supreme Court of Gibraltar has reversed its decision to seize 542 million in PLAY tokens.

It is worth noting that the legal tussle has been going on between two companies tied to Web3 game development platforms, Play Network.

According to a Judgement dated April 17, 2025, John Restano, the Judge of Gibraltar Supreme has reversed his decision, noting that the freeze of the oken might have hurt the value of the token and the evidence presented are insufficient to continue the freeze.

The court document further reads, “ Whilst there may be many reasons for the drop in value of the tokens, the evidence before the court suggests that these proceedings are a factor in that regard.”

Ready Games and its CEO filed a lawsuit against Ready Maker Gibraltar

David Bennahum, the founder of Ready Maker, which operates as Ready Games in the United States, has filed a lawsuit against Ready’s subsidiary based in Gibraltar and its Chief Executive Officer, Christana Macedon

The lawsuit by David alleges that Christana has taken over the firm and the PLAY token, which are used as rewards on the Play Network. According to the data from CoinMarketCap, the PLAY token is currently priced at $0.004989, down by 3.49% in the past 24 hours and has lost around 72% of its value in the past 52 weeks.

PLAY has a market capitalization of $4.98 million, and in the past 24 hours, its trading volume to $2.65k with a surge of 1551.33%, and its total supply is 1B PLAY tokens.

Supreme Court judge also said the evidence presented by Ready Games for freezing was “ far more impressive and raised more questions than answers.”

He further adds he didn’t consider “ that this is a case where the order should be re-granted in any event.”

Crypto Market price updates

In the past 24 hours, the trading volume of the wider market is up by 29.18%, reaching $87.09 billion, and the market capitalization was $2.75 trillion with a slight bleed of 0.70%.

Bitcoin is currently exchanging hands at $88,012 with a weekly addition of 2.94%, and its market cap is at $1.74 trillion. In the daily trading frame, the highest trading price of BTC recorded is $88,821 and was seen at its lowest near $86,408.

According to data from CoinMarketCap, the intraday gainers list has been topped by Fartcoin, Kaspa, Kaia, POL, Stacks, Tether Gold, PAX Gold, Bitcoin Cash, Tron, and Raydium.

On the other hand, the losers are Theta Network, Decentraland, Aptos, Sonic, Optimism, Immutable, The Sandbox, and Internet Computer.