2023-09-05
Wright Thurston and Eric Schiermeyer co-founders of
Gala Games, a blockchain game developer, filed lawsuit against each other in a Utah district court. Both lawsuits were filed on August 31, 2023.
Eric
Schiermeyer
Gala’s CEO Eric Schiermeyer alleges
Wright Thurston, the company’s director that he stole $130 million worth of
GALA tokens back in 2021 through his company True North United Investments, which owns about 45% of Gala.
According to Schiermeyer, Wright Thurston
transferred Gala tokens to a company wallet, after that spread into 43 other
wallets under Thurston’s control, finally they were sold in a “complex web of
obfuscatory transactions” between September 2022 and May 2023.
Wright Thurston
Thurston alleges Schiermeyer of unilaterally control company's assets, operations, and profits; especially selling
off millions of dollars in company assets which created corporate waste in
legal term.
Gala Valuation
Due to company's internal problems Gala token has dropped to 85th
largest crypto by market cap.
Market cap: $364 million.
Fully diluted market cap: $776 million.
