Gala Games Founders in Bitter Battle for Control
Gala Games, the gaming startup known for its popular RPG Champions Arena, is experiencing a major rift between co-founders Wright Thurston and Eric Schiermeyer. The dispute has reached a point where both are fighting to remove each other from the board of directors. The accusations are flying from both sides.
Schiermeyer alleges that Thurston stole company assets, while Thurston claims that Schiermeyer wasted millions of dollars and misappropriated funds. This back-and-forth has resulted in a messy legal battle.
Tokens Missing: A Mysterious Trail
Schiermeyer’s lawsuit accuses Thurston of moving $130 million worth of GALA tokens out of company wallets. These tokens were then transferred to multiple wallets owned by Thurston and his investment firm. Allegedly, some of the proceeds from selling these tokens were used to purchase ammunition, while the fate of the rest remains unknown.
Furthermore, the lawsuit claims that the number of tokens moved exceeded the total supply in circulation at the time. This suspicious activity may be connected to the launch of GALA v2, which might have been an attempt to deprecate any remaining stolen assets.
Counterclaims and Additional Legal Troubles
Thurston fired back with his own lawsuit, accusing Schiermeyer of damaging Gala Games’ reputation and misusing company funds, including a payment towards a private jet. Thurston also claimed that Schiermeyer ran the company without his input, leading to negative consequences.
In addition to the ongoing legal battle between the co-founders, Thurston is also facing a separate lawsuit with the SEC over his other company, Green United LLC, and its GREEN token.
Hot Take:
The bitter battle between Gala Games co-founders Thurston and Schiermeyer is a cautionary tale of how disputes can escalate, causing significant damage to a company’s reputation and financial stability. It serves as a reminder of the importance of clear communication, trust, and shared vision in any business partnership.
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