Gala Games’ Leadership in Legal Clash as GALA Token Value Plummets
Gala Games, a blockchain gaming project, is currently facing a dispute between its CEO Eric Schiermeyer and co-founder Wright Thurston. This legal clash has had a detrimental effect on the value of the project’s native token.
Key Points:
- Schiermeyer has filed a lawsuit against Thurston, alleging that he unlawfully acquired and traded $130 million worth of GALA tokens.
- Thurston, in turn, has counterclaimed that Schiermeyer mismanaged the company’s assets and engaged in deceptive practices.
- Schiermeyer’s lawsuit accuses Thurston of stealing GALA tokens and selling them, as well as stealing licenses for Gala game node operations.
- Thurston’s lawsuit seeks the removal of Schiermeyer as director for alleged corporate waste and unjust enrichment.
- Amidst the internal drama, the value of GALA tokens has plummeted by nearly 8% in the last 24 hours, bringing it down 97.9% from its peak.
Hot Take: The legal dispute between Gala Games’ leadership has not only caused a significant drop in the value of the GALA token but has also raised concerns about the management and integrity of the project. This internal turmoil may have long-term consequences for the trust and confidence of crypto investors in Gala Games.
By
By