The Supreme Court of Gibraltar has struck out multiple claims of fraud, conspiracy, and dishonesty against PLAY Network, its parent company Ready Gibraltar (PLAY), and founder Christina Macedo. The claims were brought by Ready Makers Inc, Davidi Gilo, David Bennahum, and Bitkraft, but the court found them legally unsustainable and unlikely to succeed.
The ruling, handed down on 19 December 2025, primarily approved a strike-out request filed by PLAY and Ms. Macedo. The court determined that the allegations of fraud, dishonesty, and conspiracy were inadequately supported by evidence. According to the judgment, serious claims of this nature must include clearly stated primary facts, a threshold the Claimants failed to meet. In addition, contractual claims to $PLAY tokens by David Bennahum were dismissed, and Bitkraft’s claim was limited to a nominal US$1,000, reflecting the original amount invested. Efforts to amend or appeal the claims were refused.
Defining the Token Generation Event in Gaming Web3
One of the key disputes in the case revolved around the Token Generation Event (TGE) for the PLAY token. The Claimants argued that a private CoinList presale in July 2024 should be treated as the TGE instead of the public launch on 10 December 2024. PLAY maintained that this interpretation contradicted standard web3 market practices and contractual agreements.
The court agreed with PLAY, noting that in the gaming web3 ecosystem, the TGE refers to the public issuance of a token, while private presales are considered pre-TGE events with vesting schedules tied to the eventual public launch. The ruling confirmed the public launch as the operative TGE, reinforcing established norms for token issuance in gaming and blockchain projects.
Consumer Protections and Industry Expertise
The court also addressed arguments by Bitkraft and David Bennahum that they should be treated as consumers under the Unfair Terms in Consumer Contracts Act 1998 (UTCCA). The court rejected these claims, noting that corporate entities cannot qualify as consumers and that Bennahum’s senior role in the web3 gaming industry made his consumer claim implausible. The judgment clarified that statutory consumer protections cannot override clearly defined terms in token agreements, preserving the integrity of SAFTs and private token financings that are common in gaming web3 projects.
Legal Background and Previous Rulings
This latest decision builds on earlier rulings by the Supreme Court of Gibraltar. In April 2025, the court discharged a worldwide freezing order against the Defendants after determining that the Claimants had failed to provide full disclosure. The court observed that the injunctions were damaging PLAY’s business and the value of its tokens. Additionally, in October 2025, Ms. Macedo and PLAY successfully required Ready Makers Inc and Bitkraft to provide security for costs totaling £1.05 million. Proceedings initiated by the Claimants in Delaware earlier in 2025 were later abandoned, saving PLAY further legal expenses.
Implications for Web3 Gaming and PLAY Network
For the gaming community, this ruling provides clarity on token launches and the legal treatment of pre-sales versus public launches. Christina Macedo, CEO and Founder of PLAY Network, emphasized that the court’s decision rejects unfounded allegations and confirms key investment concepts, including the correct definition of a Token Generation Event. The judgment is seen as reinforcing confidence in web3 gaming platforms and token-backed ecosystems, ensuring that developers and investors can operate with legal certainty.
PLAY Network continues to pursue a counterclaim in Gibraltar, seeking damages for alleged unlawful interference by the Claimants in relation to the company’s shares, tokens, and digital assets. The company remains focused on expanding its gaming platform and the $PLAY token ecosystem without distraction.
About PLAY Network
PLAY Network brings traditional games onchain, allowing any game on any chain. Through the PLAY Hub, which includes the PLAY SDK & API, the PLAY Game Store on Telegram, an NFT marketplace, and the $PLAY token, the network provides developers and gamers with tools and distribution to engage with web3 gaming.
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Frequently Asked Questions (FAQs)
What was the main outcome of the Gibraltar Supreme Court ruling?
The court struck out claims of fraud, dishonesty, and conspiracy against PLAY Network and its founder, Christina Macedo, ruling that the allegations were legally unsustainable and lacked evidence.
What is a Token Generation Event (TGE)?
In web3 and gaming contexts, a TGE refers to the public launch of a token. The court confirmed that private presales are pre-TGE events and do not count as the official launch.
Can corporate investors claim consumer protections for tokens?
No. The court confirmed that corporate entities and experienced industry professionals cannot use consumer protection laws to override contractual terms in token agreements.
What does this ruling mean for web3 gaming projects?
It provides legal clarity for token launches, confirms the treatment of pre-sales, and preserves the integrity of standard investment frameworks used in web3 gaming ecosystems.
What is PLAY Network?
PLAY Network enables traditional games to operate on blockchain platforms. Its PLAY Hub offers development tools, a game store on Telegram, an NFT marketplace, and the $PLAY token to support the gaming web3 ecosystem.
