The article delves into the explosive legal feud between Gala Games co-founders Eric Schiermeyer and Wright Thurston, revealing allegations of a massive $130 million theft of GALA tokens that form the backbone of Gala Games’ blockchain gaming ecosystem.
Gala Games, a prominent player in the blockchain-based gaming industry, is facing an unprecedented internal crisis.
Co-founders Eric Schiermeyer and Wright Thurston, who once shared a vision for the future of gaming, now find themselves locked in a bitter legal dispute, casting a shadow over the entire industry.
Allegations Between Co-Founders
The controversy came to light when Eric Schiermeyer filed a Verified Shareholder Derivative Complaint in the United States District Court of Utah on August 31st.
The lawsuit, a sprawling 76-page document, makes a staggering claim that Wright Thurston and his investment vehicle, True North United Investments, LLC, orchestrated the theft of 8,645,014,077 GALA tokens, valued at a jaw-dropping $130 million.
This suggests that Thurston allegedly crafted a complex web of transactions, deliberately designed to obfuscate the movement, exchange, or sale of the allegedly misappropriated tokens.
Regulatory Shadows and a Troubled Past
Adding another layer of intrigue, the legal battle rekindles the specter of the United States Securities and Exchange Commission (SEC). Thurston and True North had previously faced an SEC lawsuit in connection with “Green Boxes,” an ambitious yet controversial energy-efficient crypto token project.
The Importance of GALA Tokens
GALA tokens serve as the linchpin of Gala Games’ platform, fueling in-game transactions, enabling player exchanges, and powering Gala Nodes—a limited offering of 50,000 nodes allowing users to earn GALA tokens through operation.
Pursuit of Justice and Resolution
Schiermeyer’s lawsuit seeks a multi-faceted path to justice. It demands the return or restitution of the allegedly misappropriated tokens, aiming to restore what Gala Games has purportedly lost.
Moreover, the lawsuit demands compensation for the damages inflicted upon the company due to these alleged actions. It also seeks to oust Wright Thurston from his directorial role within Gala Games, signaling a profound desire for a substantial change in the company’s leadership.
The industry watches with bated breath as shocking details and ramifications continue to emerge. The legal battle’s outcome will not only determine the fate of Gala Games but could also redefine the future trajectory of the blockchain gaming industry.
The Gala Games saga stands as a stark reminder of the challenges and controversies that can disrupt even the most promising ventures. As the legal battle moves forward, the gaming sphere is on edge, anticipating the conclusion of this billion-dollar conflict that has had profound repercussions in the crypto industry.
Rickie Sanchez is an article writer specializing in cryptocurrency news. Since late 2017, he has been actively investing in cryptocurrencies. He is enthusiastic about everything that has to do with crypto and he hopes that the readers of his articles in the years to come will gain a massive understanding of blockchain technology.