Kategorie: Crypto News

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Clash between Gala Games founders sends GALA token crashing

  • The founders of the blockchain gaming platform Gala Games have locked horns in court.
  • One founder alleges theft of $130 million worth of Gala tokens while the other alleges corporate waste.
  • The GALA token has dipped more than 5% over the last 24 hours.

The GALA token is taking a beating after the co-founders biff over the ownership and management of the blockchain gaming company.

Gala price chart

 

Wright Thurston and Eric Schiermeyer, co-founders of Gala, filed lawsuits against one another in a Utah District Court on August 31. Schiermeyer, who is also the CEO of Gala Games, claims that at the beginning of 2021, Thurston and his investment company, True North United Investments, stole $130 million GALA tokens.

GALA tokens theft

According to Schiermeyer’s lawsuit, Thurston moved the GALA tokens into 43 different wallets after first moving them to a crypto wallet controlled by the True North United Investments Company. And when questioned about the changes, Thurston claimed he was holding the tokens in secure wallets for Gala Games.

Schiermeyer further claims that in a “complex web of obfuscatory transactions” between September 2022 and May 2023, Thurston allegedly removed the tokens from the wallets and swapped or sold them.

The lawsuit alleges that Thurston later denied knowing about the purported token sale although he is now asserting ownership of the sold GALA.

Additionally, Thurston is accused of stealing licenses to operate Gala ecosystem nodes, which can generate GALA tokens, selling the licenses, and then pocketing the money.

Thurston’s reply

Thurston’s True North, on behalf of Gala, filed a lawsuit suing Schiermeyer for allegedly forcing Gala to “sell off and waste millions of dollars in company assets” and borrowing millions from Gala for personal use.

Thurston’s lawsuit claims that Schiermeyer also reportedly established Gala companies in Switzerland and Dubai, where he appointed himself as the majority shareholder in order to seek commercial prospects.

In his lawsuit, Schiermeyer wants Thurston to step down from his position as Gala director and also seeks relief and damages payments, including the return of the stolen GALA tokens.

Similarly, Thurston in his lawsuit has requested that Schiermeyer be removed from Gala Games and be forced to pay at least $750 million in damages and relief.

It is, however, worth noting that in March 2023, the US Securities and Exchange Commission (SEC) sued Thurston and two companies he co-founded (True North and Green United) for selling investments in a supposedly fake crypto mining scheme.

The post Clash between Gala Games founders sends GALA token crashing appeared first on CoinJournal.

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Former SEC chair on Bitcoin ETF: ‘I think approval is inevitable’

  • SEC delayed its decision this week on applications for a Bitcoin ETF.
  • Former SEC chair Jay Clayton talked Bitcoin ETF with CNBC on Friday.
  • The world’s largest cryptocurrency is down 18% versus its YTD high.

The U.S. Securities and Exchange Commission delayed its decision on a bunch of applications for a Bitcoin ETF this week.

Jay Clayton talks Bitcoin ETF with CNBC

Applicants that its most recent deferral affected include WisdomTree, Valkyrie, Invesco, Vaneck and BlackRock Inc.

Still, Jay Clayton – the former Chair of the Securities & Exchange Commission is convinced that approval for the said exchange-traded fund is a matter of “when” and not “if”. On CNBC’s “Squawk Box”, he said:

Bitcoin is not a security. So, I think an approval is inevitable. The dichotomy between a futures product and a cash product can’t go on forever. That’s the path we are on.

At writing, the world’s largest cryptocurrency is down about 18% versus its year-to-date high in mid-July.

Why is SEC delaying deciding on Bitcoin ETF?

Clayton sees the hype around a Bitcoin ETF as a tell that retail and institutional investors alike want access to the digital asset.

Note that a U.S. court ruled in favour of Grayscale this week in its lawsuit against the SEC (find out more). According to the former head of that government agency:

SEC has been given time by the DC Circuit to reassess and perhaps come up with other reasons. Maybe there will be some but I don’t see those.

A Spot Bitcoin ETF is a big deal as many experts believe it could boost demand for the cryptocurrency which may eventually translate to significant price appreciation.

The post Former SEC chair on Bitcoin ETF: ‘I think approval is inevitable’ appeared first on CoinJournal.

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Crypto Price Prediction: ThorChain (RUNE), Flare, Tron

  • Cryptocurrencies jumped on Wednesday after Grayscale’s victory.

  • They then recoiled on Thursday after the SEC delayed its decision on ETFs.

Cryptocurrencies had a mixed week after Grayscale scored a major victory against the Securities and Exchange Commission (SEC). That verdict led to a major rebound of most cryptocurrencies like Bitcoin and Litecoin. 

The gains were short-lived after the SEC decided to delay its decision on several ETF proposals by companies like Blackrock, Invesco, and WisdomTree. This artcle looks at some of the top coins to watch this weekend, including Flare, Tron, and ThorChain (RUNE).

Flare price prediction

Flare price has moved sideways in the past few weeks. On the four-hour chart, we see that the coin has formed an ascending channel shown in black. This channel has seen it rise from a low of $0.012 on August 18th to the current $0.018. 

Flare is consolidating at the 50-period and 25-period  moving averages. It has also moved back to the lower side of the ascending channel. At the same time, the Relative Strength Index (RSI) and the Stochastic Oscillator (SO) have drifted upwards.

The outlook for the FLR token is mildly bullish as buyers target the upper side of the channel at $0.014. The alternative scenario is where the token makes a bearish breakout and retests the support at $0.012.

Tron price prediction

Tron price has been in a tight range in the past few days. It was trading at $0.076, where it has been since mid-August. The coin is consolidating at the 50-day moving average. 

On the daily chart, the coin has formed an ascending channel shown in black. The lower side of the channel connected the lowest levels since January 6th. At the same time, the price is at the Woodie pivot point while the Stochastic Oscillator has moved below 80.

Therefore, Tron price will likely remain in this range during the weekend. The key support and resistance levels to watch will be at $0.070 and $0.08.

ThorChain price prediction

ThorChain price has been one of the best-performing cryptocurrencies since June. The token surged from a low of $0.77 in June to a high of $1.93 in August. On the daily chart, the token has Jumped above the 50-day and 25-day moving averages.

The Stochastic Oscillator has moved below the neutral level of 40 while the Relative Strength Index (RSI) has formed a bearish divergence pattern. ThorChain seems to be forming a double-top pattern, meaning that the price could retest the upper side at $1.93.

The post Crypto Price Prediction: ThorChain (RUNE), Flare, Tron appeared first on CoinJournal.

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Bitcoin, crypto prices fall as bumpy September rolls in

  • Crypto prices traded lower on Friday as Bitcoin retested the $26k area.
  • Declines across major altcoins added to the forecast of a “bumpy” ride in historically negative September.

Cryptocurrencies were largely down on Friday, September 1 as major caps slid amid a surprising decline likely fueled by latest delays for spot Bitcoin ETFs. 

As can be seen in the crypto heat map below, Bitcoin (which has retested levels under $26k) and Ethereum (prices have dipped under $1.7k) lead the 24 hour rot. Most top 20 coins are in the red. CoinGecko data also shows the global crypto market cap has dropped by 3.4% at the time of writing.

Crypto price heat map by Coin360

Bitcoin tests $26k area

Analysts say the crypto market could be in for yet another rough September. According to crypto analyst Will Clemente, historical data shows crypto is on a six-year streak of negative returns during this month. Overall, no other month has had as few green monthly candles as September has for Bitcoin price.

According to Santiment, Bitcoin’s nearly 5% slip in the past 24 hours has the top crypto “right back where it started prior to the Grayscale news” that catalysed the broader crypto market. The upside that followed the court decision could now be more of a ““buy the rumour, sell the news” event,” the market intelligence provider noted.

Stock-to-flow model creator PlanB points to the fact that Bitcoin has to shake off “all tourists and weak hands before take-off.”

While the next few weeks will likely be as choppy as anything, analysts are forecasting a return to upside momentum in mid-October. This outlook bears in mind the potential for a SEC decision on the multiple ETF applications it delayed on Thursday.

Bitcoin was trading near $26,000 after testing lows of $25,683, with the price range of $25,600-$26,600 a key zone. Both bulls and bears are eyeing control here and a flip lower is likely if we have a “Sept-repeat”.

The post Bitcoin, crypto prices fall as bumpy September rolls in appeared first on CoinJournal.

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Maker (MKR) gains amid 2-month whale accumulation

  • Maker price jumped Thursday, hitting intraday highs above $1,186.
  • MKR was paring some of the gains as crypto slumped, with prices around $1,141 at the time of writing.
  • Data showed whales have been busy since early July, accumulating over 61.5k MKR.

Maker (MKR) price has witnessed an impressive upside over the past 24 hours, breaking above a price level that had constrained bulls since the broader market downturn in mid-August. 

MKR pushed to highs of $1,186 before it began to pare the gains as sellers swooped in amid profit taking deals.

Why is Maker price up?

On-chain data shows accumulation for Maker has been on the rise since early July. Santiment analysts are saying the two-month accumulation that saw whales and sharks buy more than $70 million worth of the cryptocurrency could provide the impetus bulls need to target new highs in September.

Per the platform, holders with 10k-100k MKR tokens added 61,500 of the governance token to their positions since July 9, 2023. The cohort held between $11.6k and $11.6 million worth of Maker’s token as price crossed the $1,160 level. 

What does this accumulation mean for Maker price? Further buy-side pressure could catapult bulls beyond $1,200, bringing the YTD highs around $1,350 into play in the short term. The flip side is added profit taking.

“Their holdings will continue to correlate with future price movement,” analysts at the market intelligence platform noted in a post shared on X.

Other catalysts of MKR price

As CoinJournal highlighted today in a MKR price analysis piece, Maker’s push into South Korea appears to be one of the catalysts for upward move. This came even as the crypto market retreated after this week’s Grayscale-fueled spike.

Notably, the SEC is 2-0 down after the July 13 Ripple victory and the latest court ruling that the regulator acted “arbitrarily and capriciously” when rejecting Grayscale’s ETF application. Binning SEC’s order adds to the likelihood of a spot ETF finally coming to the US market. Bitcoin and altcoins are poised, with MKR firmly in the picture.

The post Maker (MKR) gains amid 2-month whale accumulation appeared first on CoinJournal.