The future of digital gaming stalwart Gala Games is currently on shaky ground. With Co-Founders Wright Thurston and Eric Schiermeyer embroiled in intense legal combat in a Utah District Court, investor confidence in the prevalent GameFi powerhouse is flagging.
The crux of the saga revolves around allegations of token theft and corporate mismanagement, casting gloomy shadows over GALA’s future prospects. Schiermeyer leveled charges over Thurston, stating that the latter absconded with $130 million worth of GALA tokens through his firm, True North United Investments. These tokens were apparently clandestinely shunted between 43 wallets at Thurston’s behest.
Concurrently, Thurston has fired back asserting that Schiermeyer was misusing company resources, speculating that he had created Gala-specific entities elsewhere, namely in Dubai and Switzerland, for personal gains, siphoning off millions, whilst posing as the controlling shareholder.
As lawsuits mar the ground, both co-founders are aiming for heavy reparations and relief, which includes removing the other from Gala Games. Add to it, Thurston is already faced with a lawsuit filed by the United States Securities and Exchange Commission (SEC) for his alleged tie-up with a scamming crypto mining firm, Green United.
The ill-effects are felt inside the market, as GALA’s token value teeters at the precipice. Hopes of a price resurgence largely depend on how the impending legal proceedings play out, which in turn will shift the investor sentiment. Amidst suffering a complete wipeout of recent technical gains, GALA’s market price currently stands at $0.016, recording a 24-hour change of +0.54%.
At this juncture, it is critical to take stock of the legal implications upon GALA’s market price, investor sentiments, and the destiny of one of GameFi’s leading projects. GALA’s future bearings are largely dependent on its ongoing legal saga, and how efficiently it weathers the storm.
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Source: Cryptonews
