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Gala Games

Gala Games Scandal: CEO Claims Co-Founder Brains Behind $130-M Token Theft

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Gala Games CEO Eric Schiermeyer has launched a legal battle against his co-founder, Wright Thurston, and his investment firm, True North United Investments. Schiermeyer alleges that around $130 million worth of GALA tokens were stolen in early 2021, setting the stage for a contentious legal showdown.

Schiermeyer’s lawsuit claims that GALA tokens were initially moved to a wallet under the company’s control. However, things took a nefarious turn when Thurston allegedly transferred these tokens into 43 different wallets. When questioned about these actions, Thurston purportedly asserted that he was safeguarding the tokens for Gala’s benefit. 

Related Reading: Solana Co-Founder Pushes For SOL Token Redistribution From FTX To Bankrupt Exchange’s Users

However, according to Schiermeyer’s suit, Thurston eventually moved the tokens again, engaging in a series of intricate and convoluted transactions between September 2022 and May 2023.

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.

— Jake Browatzke 🚀 (@jakebrowatzke) September 2, 2023

Gala Games Turmoil Over Complex Web Of Transactions

The suit paints a vivid picture of Thurston’s alleged activities, describing them as a “complex web of obfuscatory transactions.” This suggests that Thurston may have intentionally obscured the token movements to elude detection and accountability. Schiermeyer contends that Thurston’s actions were in violation of Gala Games’ interests and the trust placed in him as a co-founder.

In response to the allegations, Thurston has mounted his own legal offensive. True North United Investments filed a lawsuit against Schiermeyer, representing Gala Games, accusing him of causing the company to “sell off and waste millions of dollars in company assets.” The suit further claims that Schiermeyer borrowed millions of Gala’s funds for personal purchases, sparking allegations of financial misconduct.

GALA currently priced at $0.0164 on the daily chart: TradingView.com

True North asserts that Schiermeyer operated Gala Games without seeking input from Thurston, who serves as a Gala director. Additionally, Thurston claims that Schiermeyer provided incomplete or erroneous information and corporate records, despite repeated requests for transparency.

Market Reaction And GALA Token’s Decline

As the legal saga unfolds, GALA token holders and the broader crypto community are closely monitoring the developments. CoinGecko reports the current GALA price at $0.01677855, with a 4.6% decline over the past 24 hours and an 11.2% slump in the last seven days. The situation has further escalated, with daily traders offloading their GALA holdings.

Related Reading: Binance CEO Bullish Prediction: DeFi To Outperform CeFi In Upcoming Market Rally

Notably, on a 12-hour chart, the distribution of GALA tokens has exceeded accumulation among market participants. This indicates a growing sentiment of uncertainty and skepticism surrounding the GALA token amidst the ongoing legal dispute.

The clash between Gala Games’ co-founders and True North United Investments is expected to be a protracted and complex legal battle. As the allegations and counterclaims continue to unravel, the crypto community remains on edge, awaiting the resolution of this high-stakes confrontation that has cast a shadow over the future of GALA tokens and Gala Games itself.

Featured image from MEXC Blog

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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