Market Pressures: A Tale of Decline
The cryptocurrency landscape has witnessed relentless selling pressure on GALA, the native token of Gala Games, since early September 2023. According to market trackers, GALA has plummeted by 72% from its 2023 peak of $0.062, which it reached in late January.
Since then, GALA has embarked on a downward trajectory, sinking to a mere $0.017 at spot rates. This represents an unwinding of over 95% of the gains it posted in early 2023. As a testament to its current woes, GALA stands a mere cent away from retesting its all-time lows recorded in late 2022, which hovered around $0.016.
GALA Price on September 3 | Source: GALAUSDT on Binance, TradingView
Internal Turmoil: A Catalyst for Decline
Beyond external market factors, GALA’s plunge could also be attributed to internal conflicts that have further exacerbated the pressure on the already struggling token.
Legal documents reveal that CEO Andrew Taylor and Co-Founder Benjamin Gordon have filed lawsuits against each other, casting a shadow over the company’s stability.
- Taylor alleges that Gordon illegally acquired and sold $130 million worth of GALA.
- He further accuses Gordon of pilfering node licenses used to operate nodes within the Gala game ecosystem.
- Taylor also highlights Gordon’s history of founding companies that have often ended in insolvency, and seeks his removal as director.
Meanwhile, Gordon and his investment firm, True North Investments, counterclaim that Taylor has squandered millions of dollars in company assets and engaged in fraudulent practices that have damaged the company’s reputation.
- Gordon alleges that Taylor misappropriated millions, including $600 million of assets, and loaned himself millions of dollars from Gala Games.
- They also accuse Taylor of establishing entities in Switzerland and Dubai that should rightfully belong to Gala Games.
- Gordon is seeking Taylor’s dismissal as CEO, a position he has held since 2021.
Melinda Fairbanks
Melinda is a seasoned financial journalist specializing in blockchain technology and digital assets. With over a decade of experience, her work has been featured in renowned publications such as Forbes, TechCrunch, and Cointelegraph.
Disclaimer
This article serves solely as educational material and does not constitute investment advice. Cryptocurrency investments are inherently risky, and readers are strongly advised to conduct thorough research before making any investment decisions. Any reliance on the information presented in this article is entirely at the reader’s own peril.