Tensions Soar as Gala Games Co-Founders Spar in Court Over 100 Million $GALA Tokens Missing

In a recent legal feud that has sent shockwaves through the Gala Games community, co-founders Eric Schiermeyer and Wright Thurston have locked horns, alleging malpractice and theft. The dispute, now public with both parties filing lawsuits against each other, centers around the disappearance of over $100 million worth of $GALA tokens. Here's a breakdown of the unfolding drama...

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Allegations and Accusations

Schiermeyer accuses Thurston of illegally obtaining and selling $130 million worth of $GALA tokens. On the flip side, Thurston alleges that Schiermeyer squandered millions of dollars in company assets and engaged in fraudulent practices detrimental to the company. Check out the Bubblemaps thread below for all the details.

Missing $GALA Tokens

At the heart of this legal dispute is the mysterious movement of $20 billion $GALA tokens from one wallet to a hundred "company wallets" for enhanced security. Strikingly, both co-founders had the private keys to these wallets, without any multi-signature protection in place.

Schiermeyer contends that on February 3rd, 2021, Thurston moved 8.6 billion $GALA from 43 of these company wallets to new wallets solely under Thurston's control. Conversely, Thurston alleges that Schiermeyer shifted 11.3 billion $GALA from the remaining company wallets into his own.

In this process, both co-founders effectively drained the 100 company wallets, redirecting the funds to their personal wallets. As a result, they now collectively control a staggering 78% of the $GALA V1 supply.

GALA V2 Token Introduction

Adding another layer of complexity to the saga is the introduction of the GALA V2 token in May 2023. This token was presented as an upgraded version with enhanced security and additional use cases. Notably, Thurston did not receive any tokens from the GALA V2 airdrop, leading to questions about how much of the new GALA V2 supply is under Schiermeyer's control.

Official Statement from Gala Games

In response to the legal dispute, Gala Games issued an official statement on August 31, 2023, reassuring the community of its commitment to transparency and accountability. The statement acknowledges the legal actions but emphasizes that the legal process is primarily a dispute between the founders and does not involve the company in any substantive way. Gala Games pledges to keep stakeholders apprised of developments as these legal actions evolve.

Read Gala Games' full official statement here.

As the legal battle rages on and the Gala Games community anxiously awaits further developments, one burning question remains at the forefront: How much of the new GALA V2 supply is under Schiermeyer's control? With over $100 million worth of $GALA tokens at stake and allegations flying in every direction, this question underscores the complexity and intrigue of the ongoing dispute.

The outcome of this legal showdown could have far-reaching implications not only for the co-founders but for the Gala Games ecosystem as a whole.