Gala Games Co-founders Sue Each Other in Utah District Court
Two co-founders of blockchain games developer Gala Games are currently involved in a legal battle. Gala’s CEO Eric Schiermeyer is accusing the company’s director, Wright Thurston, of stealing $130 million worth of GALA tokens in 2021. On the other hand, Thurston claims that Schiermeyer misused company assets and exercised unilateral control over operations.
Key Points:
- Schiermeyer alleges Thurston stole $130 million in GALA tokens and conducted obfuscatory transactions.
- GALA token price dropped over 5% on the news.
- Thurston claims Schiermeyer misused company assets and engaged in transactions without his input.
- Both lawsuits ask for the removal of the defendant and significant compensation.
- Gala Games is a prominent Web3 gaming company with various titles.
Gala Games is known for its cross-genre library of blockchain games, including the free-to-play RPG battler Champions Arena. In May, the company burned over $600 million worth of GALA tokens to address concerns of a potential “dump and exit” scenario.
Hot Take:
The legal battle between the co-founders of Gala Games highlights the challenges and risks faced in the crypto industry. Such disputes can have a significant impact on the reputation and value of tokens. Investors and users should remain cautious and conduct thorough due diligence before engaging with blockchain projects.
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