Gala Founders Accused of Stealing $130 Million in Tokens
A legal dispute has arisen within the Gala Games ecosystem involving co-founders Eric Schiermeyer and Wright Thurston.
Eric has filed a lawsuit in the United States District Court for the District of Utah, alleging that Thurston and his company, True North United Investments, LLC, misappropriated a substantial amount of GALA tokens—specifically, 8,645,014,077 tokens—from the company.
The lawsuit asserts that Thurston engaged in complex transactions to obscure these tokens’ movement, exchange, or sale, which had already occurred before the company could intervene. This legal battle is notable within the Web 3.0 ecosystem, happening amid broader industry efforts to address regulatory challenges, particularly those posed by the United States
Securities and Exchange Commission (SEC). It also sheds light on internal conflicts within the Gala Games project, previously scrutinized for Thurston’s involvement in the Green Boxes crypto project, focused on energy efficiency.
The lawsuit reveals Thurston’s history of legal disputes related to various crypto projects. Among its demands are compensation for damages and removing Thurston from his role as one of the company’s Directors.
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Gala Games is a prominent gaming platform in the Web 3.0 landscape, where the GALA token plays a vital role in the platform’s integrated economic system. This token facilitates the acquisition of in-game assets and serves as a medium of exchange between players.
Due to the ongoing legal dispute, the price of GALA has experienced a notable decrease, currently trading at $0.0171, reflecting an 8% decline over the past 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
