- As of today, Gala
, the native token of Gala Games, is under significant selling pressure. Data shows that the token has dropped by 75% from its 2023 highs.
- Court documents reveal that Gala Games’ CEO, Eric Schiermeyer, and founder, Wright Thurston, have filed lawsuits against each other.
- The founder and his investment vehicle, True North Investments, accuse the CEO of misusing company assets to the tune of millions of dollars and engaging in fraudulent activities that have harmed the company.
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Gala Games (GALA) investors woke up to bad news as the challenges facing Gala Games have left GALA coin investors disappointed.
GALA Price Faces Sharp Decline Today
As of today, Gala, the native token of Gala Games, is under significant selling pressure. Data shows that the token has dropped by 75% from its 2023 highs, which occurred when it exceeded $0.062 in January 2023. Since then, the token has retreated to spot prices around $0.016, erasing much of the gains recorded in early 2023. For context, GALA is just a few cents away from retesting the all-time lows of approximately $0.016 recorded in late 2022.
This decline can be attributed to bearish market conditions that affected not only GALA but also leading coins like Bitcoin and Ethereum before their respective uptrends. The slowdown in Bitcoin had a ripple effect on GALA as the token continued to decline, reversing gains made since August 29.
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On August 29, Bitcoin rallied following the U.S. Court of Appeals’ decision in favor of Grayscale, the issuer of GBTC. BTC prices surged on the increasing likelihood of the approval of a spot Bitcoin ETF in the U.S., leading to an uptick in altcoins, including GALA.
Dispute Between CEO and Founder
Beyond market factors, GALA’s descent to all-time lows may be exacerbated by internal disputes that could add further pressure to the token already struggling against relentless bears. Court documents reveal that Gala Games’ CEO, Eric Schiermeyer, and founder, Wright Thurston, have filed lawsuits against each other.
The files indicate that Schiermeyer accuses Thurston of illegally obtaining and selling $130 million worth of GALA coins. The CEO also alleges that the founder stole node licenses for operating nodes within the Gala gaming ecosystem. Additionally, the CEO points out Thurston’s history of frequently establishing bankrupt companies. Schiermeyer is seeking to remove Thurston from the board of directors.
On the other hand, the founder and True North Investments accuse the CEO of misusing millions of dollars of company assets and engaging in fraudulent activities that have harmed the company. The founder claims that the CEO improperly used millions, including borrowing from Gala Games. Furthermore, they assert that the CEO created company assets in Switzerland and Dubai that should rightfully belong to Gala Games. The founder is seeking the CEO’s removal from the office he has held since 2021.