Co-Founders of Gala Games Engage in Legal Battle Over Alleged Theft and Corporate Misconduct
Summary:
Gala Games co-founders locked in lawsuits over alleged theft and corporate waste. Wright Thurston and Eric Schiermeyer accuse each other of wrongdoing, including the theft of $130 million worth of Gala (GALA) tokens. They also allege misuse of assets and personal lending. Both seek damages and removal from Gala Games.
Co-founders of blockchain gaming platform Gala Games, Wright Thurston and Eric Schiermeyer, have become embroiled in two separate lawsuits. Thurston and his investment firm, True North United Investments, are being accused of stealing approximately $130 million worth of Gala (GALA) tokens from the Gala Games ecosystem. Schiermeyer alleges that Thurston moved GALA tokens from a company-controlled wallet to 43 other wallets, before exchanging or selling them through obscure transactions. In response, Thurston claims that the GALA tokens belonged to him. Additionally, Thurston is accused of stealing licenses for Gala ecosystem nodes and profiting from their sale. Meanwhile, Thurston's True North has filed a lawsuit against Schiermeyer, accusing him of misusing Gala's assets and lending Gala's funds to himself for personal purchases. The lawsuit also claims that Schiermeyer created Gala entities in Switzerland and Dubai, where he made himself the controlling shareholder. Both parties are seeking damages and relief, as well as the removal of the other from Gala.
Published At
9/4/2023 3:21:09 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.