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In a shocking turn of events, Eric Schiermeyer, the Chief Executive Officer (CEO) and Wright Thurston, the Co-Founder of Gala Games, a blockchain-gaming platform that offers play-to-earn (P2E) games, filed lawsuits against each other.
In a recently released YouTube video by the channel Classy Games, the host shared insights on the legal narrative within Gala Games, reflecting on the lawsuit filed by Thurston’s True North Investments, a company that owns 45% of Gala Games, against Schiermeyer. The video highlighted Thurston’s accusations against Schiermeyer, pointing out that the latter allegedly wasted millions of dollars in company assets, including “burning off” almost $600 million in assets.
The recent lawsuit also claimed that the entities Schiermeyer acquired in Dubai and Switzerland using his personal loans from the company rightfully belong to Gala Games. Other allegations included,
“[Schiermeyer] caused BGP to operate with materially-defective financial controls and/or to provide materially incomplete or incorrect information to Thurston… and…engaged in systematic, intentional, and deceptive behavior to the detriment of BGP and its shareholders.”
On the same day, Schiermeyer filed a lawsuit against Thurston, unveiling a series of accusations against True North and Thurston. Wu Blockchain, the Chinese reporter Colin Wu’s official Twitter page, shared a post shedding light on the interesting facts concerning the lawsuits filed by both Schiermeyer and Thurston.
Gala Games CEO Eric Schiermeyer and co-founder Wright Thurston filed lawsuits against each other. Schiermeyer accused Thurston of illegally obtaining and selling $130 million worth of GALA tokens. Thurston accused Schiermeyer of wasting millions of dollars in company assets and…
— Wu Blockchain (@WuBlockchain) September 3, 2023
Schiermeyer alleged that Thurston and his company stole 8,645,014,077 GALA tokens from Gala Games in 2021. Though the accused claimed that he intended to “hold the GALA in secure wallets for the benefit of Gala Games”, in 2022, he reportedly sold or hid approximately $130,000,000 worth of the stolen GALA”.
In addition, the lawsuit also claimed that Thurston stole licenses to “operate ‘nodes’ on the Gala ecosystem”, which was later sold illegally to others. As per Schiermeyer’s words, these nodes could be operated to gain GALA tokens.