The native token of Gala Games, GALA, is experiencing significant selling pressure, currently down 72% from its peak in early 2023. It is hovering around $0.017, only slightly above its all-time low of $0.016. The decline in GALA's value can be attributed to both market-wide bearish conditions and internal conflicts between the CEO and co-founder. The CEO accuses the co-founder of illegal activities, while the co-founder accuses the CEO of misusing company assets.
Our analysis of the situation
Introduction:
In a twist of fate, Gala Games' native token, GALA, finds itself under immense selling pressure as we enter September 2023. With trackers showing a 72% decline from its peak earlier this year, GALA has been steadily edging lower, leaving investors feeling uneasy. Let's dive into the factors contributing to this downward trend and the internal turmoil that's exacerbating the situation.
Market Woes and Bearish Blues:
It seems that GALA's plunge can be attributed, at least in part, to the unfavorable market conditions that have plagued even the top coins like Bitcoin and Ethereum. As these giants experienced massive surges followed by dramatic dumps, altcoins, including GALA, couldn't escape the downward spiral. The capitulation across the board has had a knock-on effect on GALA, erasing the gains it achieved on August 29.
CEO Versus Co-Founder: A Battle Within
Beyond the broader market factors, GALA's flirtation with all-time lows is also fueled by internal conflicts that are intensifying the token's struggles. Court filings reveal a heated dispute between GALA CEO Eric Schiermeyer and co-founder Wright Thurston. Accusations fly back and forth, highlighting a tangled web of alleged financial improprieties.
According to Schiermeyer's claims, Thurston illegally obtained and sold $130 million worth of GALA. The CEO further states that Thurston stole node licenses necessary for operating within the Gala game ecosystem. Schiermeyer also questions Thurston's track record, pointing to bankruptcies in previous ventures. In light of these allegations, the CEO insists on replacing Thurston as director.
In response, Thurston and his investment vehicle, True North Investments, counterattack, accusing Schiermeyer of misusing millions of dollars in company assets and engaging in fraudulent practices. They claim that the CEO misappropriated $600 million of Gala Games' assets and borrowed significant amounts from the company for personal use. Furthermore, they allege that Schiermeyer established entities in Switzerland and Dubai, diverting Gala Games' rightful ownership. Thurston is adamant about removing Schiermeyer from his position as CEO, which he has held since 2021.
A Gloomy Outlook:
As GALA's value teeters on the brink of revisiting all-time lows from 2022, the combination of external market forces and internal disputes casts a shadow over its future. GALA holders and enthusiasts will be eagerly watching how these battles play out, as their outcome could have profound implications for the token's recovery and long-term trajectory.
Conclusion:
The GALA token's recent plunge showcases the delicate balance between the broader market sentiment and internal conflicts within Gala Games. While the bearish market conditions impact GALA's performance, the ongoing disputes between the CEO and co-founder bring additional uncertainty to the table. As GALA seeks to weather the storm, its community awaits resolution and a renewed sense of stability in hopes of turning the tides in their favor.
Note: This blog post is for informational purposes only and does not constitute financial advice.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image provided by LoremFlickr
0 Comments
Please, behave!