Gala Games Founders Slam $130M Theft, Corporate Waste Allegations
Gala co-founder Eric Schiermeyer got rich, claims fellow founder Wright Thurston, while Schiermeyer claims Thurston stole millions.
= =.jpg 1x, https://images.cointelegraph.com/images/960_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvYWRmMWM2MjUtNjJkZS00OTYwLTk3ZmItMmE3MDBiNTJiMjBhLmpwZw== .jpg 2x" src="https:// alt="G Les ala Games Founders Allege $130 Million Theft, Corporate Waste Allegations" class="lazy-image__img type:primaryImage "/> News Join us on social networksThe co-founders of blockchain gaming platform Gala Games have faced off in court in two separate lawsuits, one alleging the theft of $130 million worth of Gala (GALA) and the another alleging corporate waste.
On August 31, Gala co-founders Wright Thurston and Eric Schiermeyer filed lawsuits against each other in Utah District Court.
On behalf of Gala, Schiermeyer — also the company's CEO — alleged that in early 2021, Thurston and his investment firm, True North United Investments, stole a token worth approximately $130 million dollars linked to the Gala Games ecosystem.
Schiermeyer's lawsuit claims that the GALA tokens were moved to a wallet under the company's control, but were later moved to 43 other wallets by Thurston, who, faced with the moves, said he held the tokens in secure wallets for Gala.
/p>
He then removed the tokens from wallets and traded or sold them in a “complex web of obfuscating transactions” between September 2022 and May 2023, according to the suit.
Excerpt from Schiermeyer's lawsuit against Thurston regarding GALA stolen. Source: PACERThe lawsuit claimed that Thurston later feigned knowledge of the alleged token sales, but now claims the GALA sold belonged to him – which the Schiermeyer lawsuit rejected.
Thurston also allegedly stole licenses to run Gala ecosystem nodes, which can earn GALA tokens – selling the licenses and keeping the profits.
The same day, Thurston's True North
Gala co-founder Eric Schiermeyer got rich, claims fellow founder Wright Thurston, while Schiermeyer claims Thurston stole millions.
= =.jpg 1x, https://images.cointelegraph.com/images/960_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvYWRmMWM2MjUtNjJkZS00OTYwLTk3ZmItMmE3MDBiNTJiMjBhLmpwZw== .jpg 2x" src="https:// alt="G Les ala Games Founders Allege $130 Million Theft, Corporate Waste Allegations" class="lazy-image__img type:primaryImage "/> News Join us on social networksThe co-founders of blockchain gaming platform Gala Games have faced off in court in two separate lawsuits, one alleging the theft of $130 million worth of Gala (GALA) and the another alleging corporate waste.
On August 31, Gala co-founders Wright Thurston and Eric Schiermeyer filed lawsuits against each other in Utah District Court.
On behalf of Gala, Schiermeyer — also the company's CEO — alleged that in early 2021, Thurston and his investment firm, True North United Investments, stole a token worth approximately $130 million dollars linked to the Gala Games ecosystem.
Schiermeyer's lawsuit claims that the GALA tokens were moved to a wallet under the company's control, but were later moved to 43 other wallets by Thurston, who, faced with the moves, said he held the tokens in secure wallets for Gala.
/p>
He then removed the tokens from wallets and traded or sold them in a “complex web of obfuscating transactions” between September 2022 and May 2023, according to the suit.
Excerpt from Schiermeyer's lawsuit against Thurston regarding GALA stolen. Source: PACERThe lawsuit claimed that Thurston later feigned knowledge of the alleged token sales, but now claims the GALA sold belonged to him – which the Schiermeyer lawsuit rejected.
Thurston also allegedly stole licenses to run Gala ecosystem nodes, which can earn GALA tokens – selling the licenses and keeping the profits.
The same day, Thurston's True North
What's Your Reaction?
![Three of ID's top PR executives quit ad firm Powerhouse [EXCLUSIVE]](https://variety.com/wp-content/uploads/2023/02/ID-PR-Logo.jpg?#){kind=logo}
