Is Gala Going to Zero? GALA Price Keeps Falling as New Bitcoin Project Raises $1 Million
Gala Games (GALA) price action has entered complete free-fall as the once shining GameFi project crumbles amid an intense legal struggle between co-founders Eric Schiermeyer and Wright Thurston.
This comes amid allegations of theft amounting to $130 million in Gala tokens and corporate mismanagement by Thurston, alongside his investment firm True North United Investments.
It is alleged Thurston illicitly acquired approximately $130 million worth of GALA tokens tied to the Gala Games ecosystem.
According to Schiermeyer's suit, these tokens were initially moved to a wallet under the company's control, only to be subsequently transferred into 43 other wallets by Thurston himself
And in a dramatic turn of events last week, both co-founders have filed lawsuits against each other in a Utah District Court.
Thurston's counter-claim alleges Schiermeyer lent Gala's funds to himself for personal use, and even purportedly created Gala-related entities in Switzerland and Dubai, positioning himself as the controlling shareholder to pursue his own business interests.
The impact has been substantial, with leading centralized exchange Coinbase de-listing GALA tokens over the weekend - leaving ranks of bag-holders concerned about the future of the project.
With the project's future in doubt, Gala Games price action is in turmoil, with GALA currently trading at a market price of $0.013 (representing a 24-hour change of -4.44%).
Downside movements have gripped price action in recent weeks, following the sudden loss of 20DMA support on July 24.
In the 49 days since losing the 20DMA, price action has bled-out a tumultuous -44.9%, with the descendant moving average forming a localised ceiling of impenetrable resistance.
Resultantly, GALA price is now
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