Top Gala Games executives in litigation over stolen tokens
Gala Games CEO Eric Schiermeyer has filed a lawsuit against co-founder Wright Thurston, accusing him of stealing 8.6 billion GALA tokens and selling them for $130 million. Schiermeyer also claims that Thurston has a history of founding companies that end up insolvent or tied up in litigation. In his own lawsuit, Thurston alleges that Schiermeyer took control of Gala Games to fund personal purchases, including a private jet. The legal battle has caused the token’s price to drop 13%. Thurston has previously been sued by the SEC for allegedly misleading investors in a different enterprise.
Key Points:
- Gala Games CEO Eric Schiermeyer sues co-founder Wright Thurston for allegedly stealing 8.6 billion GALA tokens and selling them for $130 million.
- Thurston accuses Schiermeyer of using company funds for personal purchases, including a private jet.
- Gala Games launched Champions Arena, a turn-based RPG game, and has ventures in blockchain-based music, film, and digital collectibles.
- Schiermeyer claims Thurston has a history of founding companies that end up insolvent or tied up in litigation.
- Thurston has previously been sued by the SEC for allegedly misleading investors in a different enterprise.
Hot Take:
The legal battle between Gala Games executives is damaging the reputation and financial stability of the startup. The allegations of token theft and misuse of company funds raise concerns about the trustworthiness of the founders. This situation highlights the risks involved in investing in Web3 gaming startups and the importance of due diligence in the crypto industry.
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