Tokens on the Loose! Gibraltar’s Court Drama Unfolds with 542 Million PLAYs at Stake 🎭🍿

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Picture this: the Supreme Court of Gibraltar, a bastion of calm, suddenly decides to unfreeze—not Mr. Bennahum’s daydreams, but a hefty 542 million PLAY tokens! Yes, those same tokens that had been iced over like a forgotten dessert in the freezer since February, thanks to a fisticuffs between two companies tangled up in the Web3 follies of the PLAY Network.

Our man in robes, Judge John Restano, like a stern but kind uncle, took one look at the token treasure chest and with a judicial twinkle said, “Hold on to your hats—and occasionally your tokens—because freezing these beauties might be more of a doozy than a safeguard.” The judge wasn’t terribly impressed with the evidence, which apparently raised more eyebrows than answers, much like the plot of any Wodehouse farce worth its salt.

Now, brace yourself: the gladiators in this crypto coliseum are none other than Ready Makers, a jolly U.S. outfit helmed by David Bennahum, squaring off against their Gibraltar spawn, Ready Maker (Gibraltar) Limited—led by the steely Christina Macedon, who some say commandeered the firm like the captain of a ship going full steam ahead on a rather foggy night.

Back in February, Ready Games scored a legal kibosh on the tokens, forcing them into the custody of a court-appointed watchdog—a bit like entrusting your prized Pekingese to a rather overzealous neighbour who wasn’t entirely sure how to feed it.

Worth nearly $2.6 million with a price dive that would make even the sturdiest bull blush—these tokens embody approximately two-thirds of the circulating supply, currently limping along after a price nosedive exceeding 97% since their December debut, according to the oracles at CoinGecko.

Gibraltar court saga artist’s impression

Judge Restano wasn’t having any of Ready Games’ sob story on paperwork, describing their filings as “far from impressive,” which is a judge’s polite way of saying “put up or shut up.” He further hinted that Ready Games forgot to mention they were in an administrative dissolution—rather like forgetting to tell your guests you’ve just sold the house while inviting them to a garden party. A “significant omission,” as the judge delicately put it.

Mr. Bennahum, undeterred and presumably clutching a lucky four-leaf clover, informed CryptoMoon that an appeal is firmly in the works, accompanied by an “urgent” plea to the Gibraltar Court of Appeal to hit the pause button on this token thaw or conjure up a fresh freeze.

“Alarming state,” he called the Gibraltar firm’s condition, whatever that means—possibly hinting that Macbeth had a boardroom too?

“Just a Token Launch Vehicle!” Yes, Really.

Our man Bennahum is sticking to his guns, declaring that Ready Maker was designed, funded, and blessed by the U.S. outfit as nothing more than a “token launch vehicle”—think of it as the spaceship on which the PLAY tokens took off, only to be hijacked mid-flight by Ms. Macedo and her merry band.

Of course, Ms. Macedo isn’t taking this lying down and apparently claims full ownership—commands the Gibraltar ship with a nod and a wink—according to filings that make it look like she’s the captain and sole owner of this digital galleon.

Ready Games insists their courtroom tango is all about reclaiming control of Ready Maker Gibraltar. In a neat twist worthy of Jeeves himself, a Delaware judge chipped in with a restraining order forcing Ready Gibraltar to hand back access to their tech playthings—think GitHub repositories and cloud systems—because even courts know you can’t build castles in the cloud without the keys.

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2025-04-22 07:41