Gala Games CEO Launches Legal Battle Over Alleged $130M Token Theft
Explore the legal battle engulfing GALA Games CEO Eric Schiermeyer, co-founder Wright Thurston, and True North United Investments. Discover the alleged $130 million GALA token theft and the intricate transactions at the heart of this contentious dispute, impacting GALA token holders and the crypto community.
Explore the legal battle engulfing GALA Games CEO Eric Schiermeyer, co-founder Wright Thurston, and True North United Investments. (PHOTO: PlayToEarnGames.com)
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The Alleged $130 Million GALA Token Theft: Gala Games CEO’s Legal Battle Unveiled
Gala Games CEO Eric Schiermeyer is embroiled in a legal dispute with co-founder Wright Thurston and Thurston’s investment firm, True North United Investments. According to Bitcoinist, at the heart of the matter is the alleged theft of around $130 million worth of GALA tokens in early 2021, which has set the stage for a contentious legal showdown.
Gala Games CEO’s lawsuit claims that GALA tokens initially under the company’s control were moved by Thurston into 43 different wallets, all while asserting that he was safeguarding the tokens for Gala’s benefit. However, the Gala Games CEO alleges that Thurston further complicated matters with a series of intricate transactions between September 2022 and May 2023, describing them as a “complex web of obfuscatory transactions” intended to avoid detection and accountability.
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Counterclaims and Financial Accusations: Thurston’s Response to Gala Games CEO’s Lawsuit
According to CoinTelegraph, Thurston has counter-sued, alleging that the Gala Games CEO caused the company to squander millions of dollars in assets. Thurston also accuses Schiermeyer of borrowing Gala’s funds for personal expenses while operating the company without seeking Thurston’s input as a Gala director.
As the legal battle unfolds, GALA token holders and the wider crypto community closely follow the situation. The GALA token’s price, currently at $0.01677855, has experienced declines, and there’s growing uncertainty and skepticism in the community due to the ongoing dispute. This protracted legal battle casts a shadow over the future of GALA tokens and Gala Games.
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