News - Dispute over $130 million: Gala Games founders sue each other

By Mike Hesp

Dispute over $130 million: Gala Games founders sue each other

Gala (GALA)
Scams, crime and fraud

The founders of blockchain gaming platform Gala Games filed lawsuits against each other on the same day. At issue are cryptos worth at least $130 million.

Blockchain gaming platform Gala Games founders Eric Schiermeyer and Wright Thurston each filed a lawsuit against each other in Utah District Court on Aug. 31.

Schiermeyer claims that Thurston and his investment firm True North United Investments stole about $130 million worth of tokens associated with the Gala Games ecosystem in early 2021.

Thurston allegedly brought the Gala tokens under his company's control and sold them between September 2022 and May 2023 in a "complex web of disguised transactions."

He is also accused of stealing licenses to operate Gala ecosystem nodes.

Thurston in turn alleges in his lawsuit that Schiermeyer caused Gala to "sell and squander millions of dollars in corporate assets" and himself borrowed millions from Gala's funds for personal purchases.

Schiermeyer's lawsuit demanded Thurston's removal as Gala director and the return of the stolen GALA. Thurston also demanded the resignation of his colleague and $750 million in damages.

As a result of the news, the Gala price by more than ten percent to $0.0167 at the time of writing.

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