Gala Games founders biff over $130M theft, corporate waste allegations

The co-founders of blockchain gaming platform Gala Games have locked horns in court over two different lawsuits, one alleging the theft of $130 million worth of Gala (GALA) and the other declaring business waste.On Aug. 31 Gala co-founders Wright Thurston and Eric Schiermeyer, also the firms CEO, submitted lawsuits versus one another in a Utah District Court.On behalf of Gala, Schiermeyer alleged that in early 2021 Thurston and his financial investment firm True North United Investments took around $130 million worth of GALA– a token tied to the Gala Games ecosystem.Schiermeyers suit declares GALA tokens were moved to a wallet under the companys control however were later moved into 43 other wallets by Thurston who, when confronted about the movements, said he was holding the tokens in safe and secure wallets for Gala.He later on moved the tokens from the wallets and exchanged or sold them in a “complicated web of obfuscatory deals” in between September 2022 and May 2023, the match alleged.Excerpt from Schiermeyers fit versus Thurston regarding the allegedly stolen GALA. Source: PACERThe fit declared Thurston later on feined understanding of the alleged token sales today declares the offered GALA came from him– which Schiermeyers fit rejected.Thurston is likewise declared to have actually stolen licenses to run Gala community nodes which can make GALA tokens– offering the licenses and keeping the proceeds.The exact same day, Thurstons True North submitted a claim versus Schiermeyer– likewise on behalf of Gala– claiming he caused Gala to “sell and waste countless dollars in business assets” and provided countless Galas funds to himself for personal purchases.Highlighted excerpt from Thurstons match against Schiermeyer declaring the latter used Galas possessions for personal gain. Source: PACERSchiermeyer likewise apparently developed Gala entities in Switzerland and Dubai and made himself the managing investor to pursue organization chances, according to the suit. Real North claims Schiermeyer ran Gala without input from Thurston– a Gala director– and offered insufficient or incorrect details and business records to Thurston “in spite of repeated demands.” Related: SEC vs. Coinbase: New attorney Patrick Kennedy joins fightSchiermeyers fit requested Thurston be eliminated as a Gala director and seeks different relief and damages payments including the return of the apparently taken GALA.Thurston similarly asked for that Schiermeyer be eliminated from Gala and sought at least $750 million in various damages and relief.In March, the United States Securities and Exchange Commission sued Thurston, True North and another company he founded called Green United for selling financial investments in a presumably fake crypto mining scheme.Lawyers for Schiermeyer and Thurston were called for comment however did not instantly respond.Magazine: Web3 Gamer: GTA owner joins Web3, Bitcoin gambling establishment, Sunflower Land evaluation