A recent lawsuit filed in the United States District Court of Utah has brought internal conflicts at Gala Games to light. Co-founders Eric Schiermeyer and Wright Thurston filed lawsuits against each other on August 31, 2023., with accusations of theft of Gala tokens from the company. The tokens are essential to the Gala Games ecosystem and are used for in-game purchases and as a medium of player exchange. The lawsuit seeks disbursement or restitution of the stolen cryptocurrency, compensation for the damage caused to Gala Games, and the removal of Thurston as a director. It also highlights Thurston’s history of involvement in multiple companies that have faced litigation, insolvency, or bankruptcy.
Eric Schiermeyer filed a Verified Shareholder Derivative Complaint that accuses Wright Thurston and his investment vehicle, True North United Investments, LLC, of taking 8,645,014,077 GALA tokens from the company. These tokens play a crucial role in the Gala Games ecosystem. The lawsuit alleges that Thurston used a convoluted series of transactions to move, exchange, or sell the tokens, which added up to around $130 million before the company could respond.
According to the lawsuit, Thurston and his investment vehicle True North United Investments, LLC, have been accused of taking 8,645,014,077 GALA tokens from the company through a complicated series of transactions worth around $130 million before the company could take any action. Additionally, the lawsuit reveals that the SEC previously sued Thurston and True North for fraudulent activities related to a crypto token venture called “GREEN.”
You can find the lawsuit of Eric Schiermeyer here.
You can find the lawsuit of Wright Thurston here.
Find information regarding the Gala Games Business and other stuff here.
What’s the future of Gala Games?
Benefactor on Discord announced that operation will continue as normal. See the image below.
A good explanation video by Youtuber lycanwarlord.