Tag: Gala Games

Gala Games Assures ‘Business as Usual’ Despite Founders’ Legal Battle

by Blockchain News

Key Takeaways

Gala Games co-founder and CEO, Eric Schiermeyer, files a derivative shareholder lawsuit against co-founder Wright Thurston and True North United Investments, LLC.

Wright Thurston countersues Eric Schiermeyer.

The company emphasizes that the legal disputes are primarily between the founders and do not involve the company in a substantive way.

Gala Games pledges transparency and accountability to its community throughout the legal process.

Eric Schiermeyer, co-founder and CEO of Blockchain Game Partners, Inc., commonly known as Gala Games, Gala Music, and Gala Film, has filed a derivative shareholder lawsuit against fellow co-founder Wright Thurston and True North United Investments, LLC. The lawsuit was filed on August 31, 2023, and was followed by a counter lawsuit from Wright Thurston against Eric Schiermeyer. As reported by Blockchain.News, Gala Games co-founders Eric Schiermeyer and Wright Thurston are embroiled in mutual lawsuits, with Schiermeyer accusing Thurston of misappropriating $130 million in GALA tokens, while Thurston faces a separate lawsuit from the SEC for alleged fraudulent activities.

A derivative shareholder lawsuit is a legal action initiated by a shareholder on behalf of a corporation to redress perceived wrongs against the company. The ongoing litigation has raised questions and concerns within the Gala community.

Company’s Stance

In a communication disseminated by Gala Games’ General Counsel, Blake Walker, the firm reaffirmed its “steadfast dedication to openness and responsibility” amid the ongoing legal matters. Walker also clarified that the core of the dispute is between the co-founders, rather than involving the company in a significant manner.

Business Operations Continue

Despite the legal turmoil, Gala Games remains confident in its positioning and future prospects. The company stated, “Gala will continue to thrive and achieve sustained success.” Gala Games is known for its focus on innovation and has a diverse portfolio that includes gaming, music, and film projects. According to the statement, these projects “advance with enthusiasm,” and the company anticipates forthcoming releases that are “poised to captivate audiences.”

Community Support

Gala Games has pledged to keep its stakeholders informed as the legal actions evolve. “Your ongoing support is the lifeblood of our enterprise,” said Blake Walker, reiterating the company’s commitment to its community.

Legal Restraints

Due to the active status of the case, Gala Games is legally restrained from making public comments or speculations concerning the ongoing litigation. The company has stated that it will allow the legal process to unfold in its entirety, adhering to the principles of justice and due process.

Image source: Shutterstock

Source

Tagged : / / / /

Gala Games Co-Founders Sue Each Other Over $130M Crypto Theft

by Blockchain News

A recent lawsuit filed in the United States District Court for the District of Utah has revealed internal strife at Gala Games, a leading company in the web3 gaming industry. Co-founders Eric Schiermeyer and Wright Thurston have filed lawsuits against each other, with the documents becoming public on August 31, 2023.

Detailed Allegations from the Lawsuit

According to the 76-page Verified Shareholder Derivative Complaint filed by Eric Schiermeyer, Wright Thurston and his investment vehicle, True North United Investments, LLC, are accused of stealing 8,645,014,077 GALA tokens from the company.

These tokens are integral to the Gala Games ecosystem. The lawsuit alleges that Thurston initiated a “complex web of obfuscatory transactions” to move, exchange, or sell the stolen tokens, amounting to approximately $130 million, before the company could take action.

Founder and Chief Book Wizard at MagicBookAI state,

BREAKING: Gala Games, one of the largest ecosystems in the web3 gaming industry, is facing internal strife as two of its co-founders have filed lawsuits against each other.

SEC’s Previous Involvement

The lawsuit also brings to light that the United States Securities and Exchange Commission (SEC) had previously sued Thurston and True North for alleged fraudulent activities related to “Green Boxes,” an energy-efficient crypto token venture.

Company and Tokenomics

Gala Games, incorporated under the laws of Wyoming, has developed a blockchain-based gaming infrastructure where GALA tokens serve as the core utility token. The tokens are used for in-game purchases and as a medium of exchange between players. The company also offers Gala Nodes, which are capped at 50,000 and can be operated to earn GALA tokens.

Thurston’s Checkered Past

The lawsuit delves into Thurston’s history, highlighting his involvement in multiple companies that have faced litigation, insolvency, or bankruptcy. It states that Thurston has been sued by the SEC in the past and has been involved in numerous failed ventures, including multi-level marketing companies.

Legal and Financial Repercussions

Schiermeyer’s lawsuit seeks disgorgement or restitution for the stolen cryptocurrency, compensation for the damage caused to Gala Games, and the removal of Thurston as a director. The lawsuit also mentions that Thurston purchased a $40 million house in Puerto Rico in March 2022.

Image source: Shutterstock

Source

Tagged : / / / /

Huobi and Gala Games Form Partnership for Web3 Development

by Blockchain News

Huobi Global, a leading cryptocurrency exchange, has announced a strategic partnership with Gala Games, a blockchain-based play-to-earn gaming platform. The partnership was announced on March 31 in an official blog post by Huobi, which stated that the two companies would work together to develop the Web3 ecosystem.

The collaboration between Huobi and Gala Games will involve investment in and listing of projects within the Gala ecosystem. Gala Games enables developers to create play-to-earn crypto and non-fungible token (NFT) games that allow players to buy and sell in-game items. These in-game items are owned by the players and cannot be modified or deleted by developers without their consent.

The partnership between Huobi and Gala Games is expected to enhance Huobi’s Web3 objectives by allowing it to integrate with Gala’s layer-1 blockchain. This integration will help to improve the underlying on-chain technology, as stated by Jason Brink, the President of Blockchain at Gala Games. He emphasized that integrating its layer-1 blockchain with major exchanges like Huobi is crucial for achieving the desired level of mass adoption.

Huobi has also announced its plans to expand its services in other regions by launching a Visa-backed crypto-to-fiat debit card. This card will be available to Huobi customers residing in the European Economic Area, and is expected to launch in the second quarter of 2023.

The collaboration between Huobi and Gala Games has been well-received by the cryptocurrency community, with many expressing their support for the advantages of the layer-1 blockchain. This partnership is expected to create new opportunities for both companies, as they work together to develop the Web3 ecosystem.

In addition to the partnership with Gala Games, Huobi Global is also pursuing a license in Hong Kong to cater to retail clients. This move comes in light of new regulatory measures being considered by the Chinese special administrative region. With its ongoing efforts to expand its services globally, Huobi is well-positioned to become a major player in the cryptocurrency industry.

Source

Tagged : / / / / /

Massive Ethereum Whale Begins Accumulating Four Altcoins As Bitcoin and Crypto Markets Recover

by Dailyhodl

One mega-whale just went on an altcoin shopping spree to the tune of $30.6 million.

The blockchain-transaction tracker WhaleStats reveals that the Ethereum whale wallet named Light bought 399,999 OMG for $2,451,999.

The OMG Foundation, formerly known as OMG Network, is layer-2 Ethereum scaling solution that integrates with mainstream wallets. The 122nd-ranked crypto asset, OMG, is priced at $5.95.

The 4th-richest whale wallet also purchased a cool million worth of decentralized oracle network Chainlink (LINK) for a total of $25,170,000.

At time of writing, Chainlink is the 17th-ranked cryptocurrency and trading for $25.19.

The wallet also loaded up on popular meme coin Shiba Inu (SHIB), buying a staggering 58.9 billion tokens for $1,906,592.

Shiba Inu has been fighting its way back from monthly lows on January 9th and is currently valued at $0.00003.

The last altcoin on Light’s to-do list was play-to-earn blockchain gaming platform Gala (GALA). The whale tucked away 3,260,000 GALA tokens for $1,137,691.

Gala is having a rough start to the new year, having fallen from $0.45 to its current valuation of $0.32.

WhaleStats reports that Light also made a huge purchase of the Bitcoin-pegged token Wrapped Bitcoin (WBTC), dropping a mind-boggling $86,428,000 on 2,000 WBTC.

Wrapped Bitcoin is currently worth $42,849, the same as top crypto Bitcoin (BTC).

Finally, WhaleStats tweeted that SHIB has become the most popular token among the leading Ethereum wallets with 15.75% of all holdings.

“Just in: SHIB Shibtoken had come back to be [the] biggest token position by dollar value among the top 1000 ETH whale wallets.”

Source: WhaleStats

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Alberto Andrei Rosu/Andy Chipus/Vladimir Sazonov

Source

Tagged : / / / / / / / / / / / / / / / /

Ethereum Whales Are Jumping Into Several Gaming Altcoins Amid Major Bitcoin Correction

by Dailyhodl

New data reveals that the world’s biggest Ethereum whales are stocking up on several gaming altcoins while the top crypto assets continue to consolidate.

The blockchain-transaction tracker WhaleStats tweets an updated list of the ten most purchased cryptocurrencies among whales over the past 24 hours.

The data shows that 30% of whales’ interest lies in the gaming sector. Not only is GALA ranked fourth on the list of recent purchases, but it also ranks seventh overall with the average whale holding 1,225,974 tokens with a value of $474,572.

Enjin Coin accounts for 1.2% of total Ethereum whale holdings with a value exceeding $128.9 million.

While play-to-earn Axie Infinity rounds out the top-10 list of recent activity, Ethereum-based virtual world The Sandbox (SAND) is absent and does not currently appear to be on the radar of game-hungry whales.

WhaleStats is also keeping tabs on some of the largest catches made by individual whale wallets. Here is a sampling of recent mega-hauls.

The fourth-largest ETH whale wallet named Light purchased 13,340 QNT for $2,129,864.

An unnamed third-largest ETH whale wallet purchased a million MATIC for $2,140,000.

The ETH wallet ranked #293 also went in heavy on MATIC, purchasing 1,239,999 of the altcoin for $2,951,199.

The 90th-ranked whale devoured 16,426,551 tokens from the Internet of Things data network MXC at a cost of $1,016,376.

Ruling crypto Bitcoin (BTC) is reeling, down 7.43% on the day and trading for $43,242.

Leading smart contract platform Ethereum is also getting battered, down 10.18%, and priced at $3,434.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Redshinestudio/Sensvector

Source

Tagged : / / / / / / / / / / / / / /

Metaverse Tokens Bounce Back in Christmas Recovery

by Cryptobriefing


Share this article


Metaverse and GameFi tokens are currently leading the Christmas market recovery, outpacing the gains made by other top assets. 

Metaverse Tokens Regain Momentum 

It’s looking like a good Christmas for GameFi projects.

Following Bitcoin’s recovery above the key $50,000 psychological level, the wider cryptocurrency market has started to bounce back from the recent dip. Metaverse and blockchain gaming projects—sometimes referred to as “GameFi” projects—are currently leading the charge with some of the highest daily increases in the top 100 crypto assets. “GameFi” is a crypto buzz word similar to “DeFi” that refers to gaming and finance. Many Metaverse-related projects like Axie Infinity combine the two fields by adding play-to-earn dynamics to their games. GameFi is widely believed to be one of the most significant emerging trends for crypto and the Metaverse today. 



The Sandbox is currently the biggest gainer among Metaverse and GameFi projects. The game’s SAND token is currently trading at $6.30, rising 22.9% on the day.

SAND/USD chart. Source: CoinGecko

Since Facebook rebranded to Meta, setting off the current Metaverse token bull run, The Sandbox has overtaken the then leading Metaverse project, Decentraland, in terms of market capitalization. The flip may indicate investors see the Sandbox as a better prospect than Decentraland to capture value from the current Metaverse hype. Several companies have recently announced buying land plots in the game, including Adidas and PwC Hong Kong.

While Decentraland hasn’t matched The Sandbox’s gains, it’s also fared well from the recent hype. The virtual world game’s MANA token is currently up 15.5% on the day, outperforming many top assets. Decentraland is hosting several events over the festive season for players to participate in, including virtual snowball fights and live music performances. 


Smaller GameFi tokens are also looking strong. Gala Games, which recently launched a land sale for its latest game, LEGACY, has posted a 7.8% gain today. The GALA token is one of the biggest gainers of the year, soaring more than 725% to an all-time high of $0.71 in November. 

While still trading off their all-time highs achieved in November, The strong price action from Metaverse and GameFi projects shows that investors are still bullish on the sector going into 2022. Whether these projects will be able to deliver on their vision over the next year remains to be seen. 

Disclosure: At the time of writing this feature, the author owned ETH and several other cryptocurrencies. 

Share this article


The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



PwC Hong Kong Buys Land in The Sandbox

PwC Hong Kong has purchased virtual land in The Sandbox, according to an announcement from Animoca Brands. PwC Hong Kong Buys Sandbox Land The acquisition of land means that PwC…

MDEX: Overlooked Decentralized Exchange That Pays You to Trade

Based on statistics from DeBank and dapp.com, one of the top-performing decentralized exchanges by TVL and trading volume this year is MDEX—an AMM-based DEX functioning across the Huobi Eco-chain (HECO), Binance Smart Chain…

Big Brands Are Chasing Crypto and Metaverse Hype

Multi-billion dollar brands are rushing into the Metaverse by purchasing NFTs, buying ENS domains, and adopting crypto-speak. Budweiser and Pepsi Get Into NFTs In August, during the peak of so-called…

Adidas Partners With Coinbase, Obtains Sandbox Land

Footwear and clothing company Adidas has announced two new crypto endeavors with Coinbase and The Sandbox. Adidas Announces Two Crypto Efforts On Wednesday, Adidas stated that it is partnering with…


Source

Tagged : / / / / / /

Ethereum Whales Are Accumulating New Gaming Altcoin in Huge Amounts – And It’s Not Axie Infinity, Decentraland or the Sandbox

by Dailyhodl

While the metaverse going mainstream has seen several altcoins explode in value and recognition, crypto whales are gobbling up a lesser-known gaming project.

According to crypto tracker WhaleStats, Gala Games (GALA) accounts for nearly 1% of total holdings – a whopping $519.5 million – among the top 1,000 Ethereum (ETH) whale wallets.

By comparison, popular games Axie Infinity (AXS), Decentraland (MANA) and The Sandbox (SAND) constitute much smaller portions.

MANA makes up 0.29% of the whales’ bags for a value of $171.9 million. SAND stands at 0.24% worth $141.4 million.

WhaleStats does not have current data on AXS, although a new tweet says that it is the third-most-popular search term on the site. The lowest-valued token mentioned by name in the following graphic accounts for 0.07%, worth $40 million.

Source: WhaleStats

GALA is an Ethereum-based play-to-earn altcoin that surged in value after being listed on Coinbase back in November.

The blockchain-based gaming protocol lets users take part in a game’s development by letting them own their in-game items in the form of non-fungible tokens (NFTs).

WhaleStats reports that GALA ranks in the top-10 total holdings among wallets it’s tracking. The average number of tokens held exceeds 1 million and is valued at $519,591.

At time of writing, the GALA token is down nearly 7% to a price of $0.47. Like most of the crypto markets, it has seen a rocky last few weeks after reaching a monthly high of $0.74 on November 24th.

Axie Infinity is also down slightly to $98.11, Decentraland has dropped 6% to $3.17, and The Sandbox has fallen by 6.26% to $5.01.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens/Chuenmanuse

Source

Tagged : / / / / / / / / / / / /

Gaming Altcoin on Ethereum Surges Despite Crypto Pullback As Whales Dive In

by Dailyhodl

A metaverse token built on Ethereum is defying the crypto market’s recent pullback due to whale activity.

According to crypto whale surveillance website WhaleStats, Gala Games (GALA) is now the third-most bought cryptocurrency by whales, behind only Ethereum (ETH) and Tether (USDT) during the last 24 hours.

Image
Source: WhaleStats

GALA, a blockchain-based gaming protocol that lets users take part in a game’s development by letting them own their in-game items as non-fungible tokens (NFTs), saw its price surge from a 24-hour low of $0.452 to $0.548, a 21% increase. GALA has since stabilized and is currently exchanging hands $0.509.

According to the data, the average whale purchased 102,199 GALA for $53,556, making it a more popular investment than other popular metaverse tokens such as Decentraland (MANA) and The Sandbox (SAND) among investors with deep pockets.

WhaleStats also finds that the average whale holds just under a million GALA tokens, worth about $480,000 at time of writing, making it the sixth-most held crypto by whales.

Despite the recent price rally, GALA is still down from its all-time high set in November which saw the token skyrocket from a low of $0.082 to a peak of $0.743, a staggering 800% increase.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Swill Klitch/Natalia Siiatovskaia

Source

Tagged : / / / / /

Coinbase Launching Five Ethereum-Based Altcoins Across Entire Crypto Trading Ecosystem

by Dailyhodl

US-based digital asset exchange Coinbase is expanding support for five Ethereum-based altcoins across its entire trading ecosystem.

In a new blog post, Coinbase announces that Alchemix (ALCX), the governance token for collateral-backed loan platform Alchemix Finance, can now be purchased on Coinbase.com and on the exchange’s mobile apps.

ALCX is trading at $441.61 at time of writing, down 3.18% on the day.

ENS is a governance token for Ethereum Name Service, which allows people to mint non-fungible tokens (NFTs) that can be linked to Ethereum addresses and web domains.

Currently, ENS is trading for $48.82. It’s down 8.71% on the day and over 50% from the all-time high of $88.64 it reached last week after being listed on Binance.

Additionally, Coinbase is expanding support for GALA, the native token of player-controlled blockchain gaming platform Gala Games. The altcoin surged over 100% from a low of $0.089 on November 15th to its current trading price of $0.20.

GYEN is an Ethereum-powered stablecoin pegged to the Japanese yen. Though GYEN is designed to stay pegged to the Japanese yen, it managed to rally a whopping 470% to $0.05 following the listing on Coinbase.

Lastly, peer-to-peer energy trading venture Power Ledger’s native token POWR is now live across all of Coinbase’s trading platforms. At time of writing, the altcoin is down 2.07% to $0.70.

Coinbase Pro listed all of the tokens except GYEN, along with mStable USD (MUSD) stablecoin, earlier this week.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/lucky vectorstudio/Vladimir Sazonov

Source

Tagged : / / / / / / / / / / /
Bitcoin (BTC) $ 38,117.21 2.44%
Ethereum (ETH) $ 2,055.38 1.40%
Litecoin (LTC) $ 69.88 1.10%
Bitcoin Cash (BCH) $ 224.28 0.83%