Two top executives at Web3 gaming startup Gala Games are now in litigation against each other — a turn of events that has dropped the price of its token by 13%.

Web3 gaming startup Gala Games CEO Eric Schiermeyer recently sued the company’s co-founder Wright Thurston, alleging that Thurston stole 8.6 billion GALA tokens in early 2021 and managed to sell them for $130 million before the company could stop him. Schiermeyer’s suit, filed August 31, also accuses Thurston of a pattern of founding companies that end up insolvent, bankrupt, or tied up in litigation. 

Thurston, in his own lawsuit filed on the same day, alleges that Schiermeyer took control of Gala Games for himself in order to use company funds for personal purchases, including the financing of a private jet. 

Gala …