In response to these lawsuits, the community has expressed its deep frustration. And True North for an alleged fake crypto mining scheme, has cast a dark cloud over Gala Games’ reputation. Meanwhile, These lawsuits, combined with a prior legal entanglement involving the United States Securities and Exchange Commission (SEC) suing Thurston. On the other hand, Thurston is demanding Schiermeyer’s removal and $750 million in damages. Schiermeyer is seeking Thurston’s removal as Gala director and damages, including the return of stolen GALA tokens. The lawsuit claims that Schiermeyer created Gala entities in Switzerland and Dubai, essentially sidelining Thurston’s involvement in Gala’s decision-making processes. Simultaneously, Thurston’s True North filed a lawsuit against Schiermeyer, asserting that he squandered Gala’s assets. Moreover, Thurston pilfered licenses required to operate Gala ecosystem nodes sold them, and pocketed the proceeds, resulting in accusations against him. Thurston’s explanation-that he was safeguarding the tokens for Gala-soon crumbled as he allegedly engaged in a series of obscure transactions between September 2022 and May 2023. According to Schiermeyer, these tokens were initially held securely by Thurston but were mysteriously moved into 43 different wallets. Schiermeyer alleges that Thurston and his investment firm, True North United Investments, misappropriated approximately $130 million worth of GALA tokens linked to the Gala Games ecosystem. On August 31, Gala Games’ CEO Eric Schiermeyer, and co-founder Wright Thurston filed lawsuits against each other in a Utah District Court for alleged theft. In a shocking turn of events, the blockchain gaming platform Gala Games, renowned for its play-to-earn (P2E) games, is now embroiled in a legal battle, leaving the crypto community bewildered. The price of GALA is down 5.15% in 24 hours amid legal turmoil.Gala Games CEO alleges $130 million theft, and license misappropriation on the co-founder.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |