Can Gala’s Crypto Price Recover After Co-Founders’ Legal Battle?
Gala Games Co-Founders Engage in Legal Dispute Over Token Allegations
Gala Games, the blockchain gaming project, is currently embroiled in a lawsuit between its co-founders. On August 31st, Gala co-founder Eric Schiermeyer filed a lawsuit against fellow co-founder Wright Thurston and Thurston’s investment entity, True North United Investments, accusing them of misappropriating over 8.6 billion GALA tokens from company wallets. These tokens were allegedly sold, resulting in $130 million in profits. The lawsuit also claims that Thurston acquired and sold Gala node licenses, further harming investors. In response, Thurston filed a lawsuit against Schiermeyer, alleging corporate waste and misuse of Gala Games’ assets and funds.
Gala Games’ Uncertain Future Amid Legal Battles
The ongoing legal battles have cast a shadow over Gala Games’ future, with allegations of token theft, corporate mismanagement, and waste. The project’s cryptocurrency, GALA, has experienced a significant drop in price, erasing all technical gains made in 2023. GALA’s current market price is $0.016, reflecting a 0.33% decrease in the past 24 hours. The coin has also depreciated by 21.06% over the past week. Gala Games asserts that its day-to-day operations remain unaffected by the legal dispute, and there is hope for a potential recovery in the future. However, if trust in Gala Games is permanently eroded, the recent downturn may indicate a prolonged period of decline.
Consider Diversifying Your Portfolio with Promising Altcoins
Given the expected downturn in GALA’s performance, it may be wise to consider diversifying your portfolio with alternative altcoins. One such altcoin to consider is Launchpad XYZ (LPX), a Web3 trading platform that raised over $1.6 million during its presale phase. Launchpad XYZ offers an array of valuable tools and resources for traders, including a Web3 wallet, a play-to-earn gaming hub, trading signals, and automated trading bots. The platform’s future plans include the introduction of a decentralized exchange and an NFT marketplace. LPX, the native token of Launchpad XYZ, holds various purposes and is expected to provide substantial returns as the platform gains adoption.
Investing in LPX allows users to discover early access opportunities in different blockchain sectors, with the platform’s integrated AI tools helping assess and rank the risk-reward potential of Web3 projects. Additionally, investors have access to VIP trading channels and can secure NFTs through the presale, which have delivered impressive returns in previous projects. The project’s fully doxxed team and ongoing presale bonus of 18% add to its appeal. The token was attractively priced during the presale phase, with 1 LPX available at $0.0445. Consider investing in LPX for potential growth and diversification.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.