crypto-economy.com
Gala Games, the renowned blockchain gaming platform, is currently experiencing a seismic shift as its Chief Executive Officer (CEO), Eric Schiermeyer, and co-founder, Wright Thurston, find themselves embroiled in a contentious legal battle. This lawsuit filled with implications, has sent shockwaves through the community.
The Crux of the Gala Games Lawsuit
The lawsuit, filed by Eric Schiermeyer against Wright Thurston alleges a series of breaches and wrongful actions. Eric accused Wright and his investment firm, True North Investments, of illegally acquiring and selling about 8.645 billion GALA tokens, valued at around $130 million. Also, the lawsuit paints a picture of a founder who believes that his partner’s actions have compromised the integrity and direction of the Gala Games platform.
Meanwhile, Schiermeyer’s legal team has not spared any detail in their attempt to substantiate their claims.
In response, Wright has countersued, accusing Schiermeyer of mismanagement and financial recklessness, alleging that the CEO had misused at least $600 million of the company’s fund. Additionally, Wright’s lawsuit wants the CEO to be removed as director for “corporate waste, conversion, and unjust enrichment”.
The allegation also claims that Schiermeyer had established offshore entities in several countries, Dubai and Switzerland not excluded, making use of loans from the company for acquisitions that ordinarily should belong to Gala Games. However, Thurston’s counterclaims aim to vindicate his reputation and assert his commitment to the platform’s success.
As the legal proceedings unfold, Gala Games’ user community and stakeholders are watching and have chosen to remain neutral as much as possible. Notably, the implications of this lawsuit extend beyond the immediate dispute between Eric and Wright. Gala Games, known for its innovative approach to blockchain gaming and its vision of empowering players and creators, is now grappling with a serious internal crisis.
Earlier in the month, the GALA token had lost 72% of its value from its peak in January, sinking to a near-all-time low. The uncertainty surrounding its leadership could potentially impact the platform’s ability to deliver on its promises and continue its trajectory of growth.
Gala Games Launches Airdrop V2
Recall that in May, Gala Games announced the launch of the new version of its native token, $GALA (v2). According to the release, the token will be airdropped to GALA (v1) holders on a 1:1 basis. However, the blockchain gaming platform is hopeful that the upgrade will help the ecosystem to grow and improve over time.