Gala token crashes 8% following internal conflict between founders
Gala token co-founders took legal action against each other over the control & mismanagement of the Gala project.
Gala (GALA) is a blockchain gaming concept-focused crypto project but grabbed popularity in this innovative sector in mid-2021 following the trend of Metaverse. Gala is the utility token built on the Ethereum blockchain. The main use of this token is in the Gala Games ecosystem, where game players can use this token as a payment token.
The current trade price of the Gala token is $0.017 & this trade price is 8% down over the last 24 hours trade price.
The trade price graph shows the step-by-step downfall per hour in the trade price of the Gala token and the credit for this significant downfall goes to its two co-founders.
As per reports, the co-founders of the Gala project are fighting against each other over the control & management of the Gala project.
Gala games president and manager Eric Schiermeyer and big shareholder Gala manager Wright Thurston sued each other. In short Gala founders took legal action against each other in different courts.
Schiermeyer claimed that Thurston grabbed $130 million from the Gala token sale, which was not ethical. According to him, Thurston is trying to damage this crypto project. He also alleged that Thurston broke the company’s critical agreements & transferred huge amounts of Gala to himself and his personal affiliates.
On the other hand Thurston claimed that Schiermeyer conducted unethical practices in the crypto project that caused millions of dollars loss & also involved fraudulent practices, which will harm the project in the future badly.
Furthermore, Thurston also claimed that Schiermeyer used the company fund for personal benefits. e.g. pay personal loans, luxury expenses, & suspicious fund transactions which are highly questionable.
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