GALA token, native to Gala Games, has experienced a tumultuous journey throughout 2023. Starting with soaring highs in late January, it has since faced a significant decline, driven by both external market conditions and internal disputes within the Gala Games leadership.

A Rocky Descent from All-Time Highs

In early 2023, GALA reached its peak value at $0.062. However, it has since plummeted by a staggering 72%, with spot rates now hovering around $0.017. This sharp decline wiped out over 95% of the gains it achieved earlier in the year and brought GALA dangerously close to retesting its all-time low of $0.016 recorded in late 2022.

Market-Wide Bear Pressure

The cryptocurrency market as a whole has been experiencing bearish conditions, with top coins like Bitcoin and Ethereum facing significant volatility. GALA's performance mirrors this trend, with the token struggling to maintain its value, even reversing gains made on August 29. This reversal followed a court ruling related to Grayscale's GBTC trust, which had a ripple effect on Bitcoin and altcoins like GALA.

Internal Struggles at Gala Games

Beyond external market factors, GALA's decline has been exacerbated by internal conflicts within Gala Games. CEO Eric Schiermeyer and co-founder Wright Thurston have filed lawsuits against each other, adding more pressure to a token already battling bearish market conditions.

CEO's Allegations

Schiermeyer alleges that Thurston illegally obtained and sold $130 million worth of GALA tokens and stole node licenses within the Gala game ecosystem. He also points to Thurston's history of founding companies that often end up in bankruptcy and calls for Thurston's replacement as director.

Co-Founder's Counterclaims

In response, Thurston and his investment vehicle, True North Investments, accuse the CEO of misusing millions of dollars in company assets and engaging in fraudulent practices that harmed Gala Games. They claim Schiermeyer lent millions of dollars from Gala Games to himself and created entities in Switzerland and Dubai that should rightfully belong to the company. Thurston seeks to remove the CEO, who has held his position since 2021.

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