The crypto market never ceases to surprise us with its unusual events. In the latest incident, Gala Games, an altcoin that gained significant attention from Turkish investors, became the center of a bizarre controversy on the Binance exchange.
Gala Games (GALA) Lawsuit
CEO of Gala Games, Eric Schiermeyer, and co-founder Wright Thurston have filed lawsuits against each other, accusing one another of various wrongdoings. Such management disputes are not uncommon in the world of cryptocurrencies. However, taking the matter to court and the mutual accusations can negatively impact the future of GALA Coin. As we delve into the details of the allegations, we may witness the token’s negative performance as the issue spreads and becomes more complex in the coming weeks.
Schiermeyer accuses Thurston of illegally obtaining and selling GALA tokens worth $130 million. On the other hand, Thurston accuses Schiermeyer of wasting millions of dollars in company assets and engaging in fraudulent practices that harm the company.
Gala Games, one of the largest ecosystems in the web3 gaming industry, is now facing internal conflicts due to the lawsuits between its co-founders. This incident may have serious long-term consequences.
GALA Coin Analysis
In the challenging market conditions, GALA Coin has already suffered significant price depreciation. The legal battle between the project’s top executives adds further complexity to the situation. The lawsuit, which did not start abruptly, has a long history. According to rumors on social media, co-founder Wright represents the darker side of the story.
Since reaching its peak of $0.82 in November 2021, the price of GALA has been steadily declining. The starting price on September 13, 2021, the price on January 13, 2023, and the current price are almost at the same level. This means that investors who have held the token for more than two years are still in a loss even if they bought during the listing.