TechFlow reports, citing Cointelegraph, that the Supreme Court of Gibraltar has ordered the freezing of approximately 440 million PLAY tokens (worth about $7 million), roughly half of the circulating supply. The move stems from a legal dispute between U.S.-based Web3 gaming company Ready Games, its Gibraltar subsidiary Ready Maker, and CEO Christina Macedo. Ready Games founder David Bennahum claims the subsidiary breached a trust agreement by unilaterally asserting ownership over the company and the PLAY token.
Since its launch in December last year, the PLAY token's market capitalization has plummeted from a peak of $78.1 million to $13.2 million, a decline of over 90%. Previously, the Delaware Court of Chancery ordered PLAY Network to restore Ready Games' access to its technical infrastructure.
