Gala Games founders face off in court; Over 8.6 billion tokens stolen

Gaming Web3
Gala Games founders face off in court; Over 8.6 billion tokens stolen

The co-founders of the renowned Gala Games, Eric Schiermeyer and Wright Thurston, are now caught in a contentious legal dispute, hurling accusations at each other in a court of law. The heart of the matter is an alleged theft of billions of $GALA tokens.

Documents filed with the United States District Court for the District of Utah reveal Schiermeyer’s claims. He alleges that Thurston and his firm, True North United Investments, LLC, unlawfully took a staggering 8.6 billion $GALA tokens.

Gala Games founders face off in court; Over 8.6 billion tokens stolen - 1
Lawsuit Summary

The lawsuit outlines Thurston’s purported “complex web of obfuscatory transactions” designed to clandestinely move, exchange, or sell the aforementioned tokens. The funds were gone by the time Gala Games realized the extent of the alleged theft.

Schiermeyer’s demands in this suit aren’t just about restitution. He’s pushing for significant compensation and wants Thurston ousted from his directorial position at Gala Games.

Gala Games’ shady NFT drop

Surprisingly, blockchain detective ZachXBT had blown the lid on a potential red flag. By the end of July, ZachXBT published an investigation stating that Gala Games had orchestrated a rug pull with the Orbs NFT drop, stealing “hundreds of thousands of dollars” from investors.

Not the first rodeo for Thurston

This isn’t Thurston’s first run-in with regulatory bodies. Gala Games has previously been in the SEC’s crosshairs, particularly regarding Thurston’s involvement with the Green Boxes crypto initiative, which focuses on energy efficiency.

The recent lawsuit reveals a track record of legal challenges for Thurston. Numerous crypto ventures he has participated in have seen courtroom doors.

Market repercussions from this internal strife are already visible, as the valuation of the $GALA token has taken a hit. At the time of publication, the token is priced at $0.01672, representing a 12.7% drop in the last 24 hours.

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