Gala Games, a blockchain-based gaming infrastructure, is now at the center of a $130 million crypto theft case. The co-founders of Gala Games, Eric Schiermeyer and Wright Thurston, are embroiled in a bitter legal battle over the alleged theft of 8,645,014,077 GALA tokens from the company.
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Gala Games: Company and Tokenomics
Gala Games, incorporated under the laws of Wyoming, has carved a niche in the blockchain gaming industry. Its ecosystem revolves around GALA tokens, which are the platform’s lifeblood. These tokens are used for in-game purchases and serve as a medium of exchange between players.
Additionally, Gala Games offers Gala Nodes, a limited resource capped at 50,000, which can be operated to earn GALA tokens. This unique approach has attracted a dedicated community of gamers and investors.
The Allegations
The crux of the lawsuit filed by Eric Schiermeyer against Wright Thurston and his investment vehicle, True North United Investments, LLC, is the alleged theft of GALA tokens worth approximately $130 million.
The lawsuit paints a disturbing picture of Thurston’s actions, accusing him of orchestrating a “complex web of obfuscatory transactions” to move, exchange, or sell the stolen tokens before the company could take corrective measures.
Thurston’s Checkered Past
One compelling aspect of this legal battle is the spotlight on Thurston’s history, which needs to be more pristine. The lawsuit meticulously documents his involvement in multiple companies that have faced litigation, insolvency, or bankruptcy. It further reveals that Thurston was sued by the Securities and Exchange Commission (most often referred to as SEC) and has a track record of failed ventures, including some related to multi-level marketing companies.
These revelations raise questions about Thurston’s credibility and trustworthiness in the eyes of Gala Games’ community and investors.
Legal and Financial Repercussions
Eric Schiermeyer’s lawsuit seeks a multifaceted resolution to the alleged theft:
- It demands disgorgement or restitution for the stolen cryptocurrency, aiming to return the misappropriated GALA tokens to Gala Games.
- It seeks compensation for the damage caused to the company, which goes beyond the monetary value of the stolen tokens.
- The lawsuit calls for removing Thurston as a director, signaling the organization’s need for accountability and transparency.
The Purchase of a $40 Million House
One particularly striking element mentioned in the lawsuit is Thurston’s purchase of a $40 million house in Puerto Rico in March 2022. This lavish expenditure raises eyebrows, especially regarding the alleged theft and the ensuing legal battle. It fuels the fire of suspicion surrounding Thurston’s financial dealings and priorities.
Conclusion
The legal battle between Gala Games co-founders Eric Schiermeyer and Wright Thurston over the alleged $130 million crypto theft has spotlighted the challenges and controversies that can plague the cryptocurrency industry. Gala Games, with its innovative gaming ecosystem, now faces a pivotal moment in its history.
The finale of the lawsuit could have far-reaching implications for the involved parties and the broader crypto community, as it underscores the importance of transparency, accountability, and trust in this evolving landscape. As the case unfolds, the crypto community watches with bated breath to observe how it will impact Gala Games and the industry.
Stay with us for more updates and find other news and facts! Check our previous article: DeForm’s $4.6 Million Funding: A Game Changer in Web3 Marketing.
