THETA Price Hits 2020 Lows as Company and Its CEO Accused of Fraud?

Core Viewpoint - THETA has returned to price levels last seen in 2020, down 97.95% from its all-time high, indicating a significant long-term downtrend and potential further price declines due to ongoing legal issues [1][3]. Price Performance - THETA is currently trading at $0.3278, down 21% in the past 30 days, reflecting a classic post-bubble unwind with each recovery attempt being weaker than the last [1][2]. - The long-term weekly chart shows a distribution structure with a descending trendline from the 2021 peak, indicating a failure to establish higher lows during market recoveries [2]. Legal Issues - Two whistleblower lawsuits have been filed against Theta Labs by former executives, alleging deceptive practices related to the THETA token and NFT activities [3][4]. - The lawsuits claim internal concerns about token sales and governance were met with retaliation, suggesting a lack of transparency and accountability within the company [4]. Allegations of Manipulation - The former employees allege that there were efforts to inflate THETA demand through promotional activities, including celebrity marketing, which may have driven speculative interest rather than genuine adoption [5][6]. - The complaints also suggest that certain NFT-related activities created an artificial appearance of demand, raising questions about the integrity of Theta's market practices [6].