Gala Games co-founders clash in opposing lawsuits seeking $130M, $600M in damages | Headlines | News | CoinMarketCap
09/05/2023 05:44
The co-founders behind the blockchain firm Gala Games have initiated legal proceedings against each other, according to recent court filings. First …
The co-founders behind the blockchain firm Gala Games have initiated legal proceedings against each other, according to recent court filings.
First case concerns alleged $130M theft
The first case, which Gala co-founder Eric Schiermeyer filed on Aug. 31, alleges wrongdoing on the part of another co-founder, Wright Thurston. The case additionally names Thurston’s investment vehicle, True North United Investments, as a defendant.
Schiermeyer alleges that Thurston stole more than 8.6 billion GALA tokens from company wallets. Despite claiming that he held those tokens securely for Gala Games, Thurston allegedly sold some or all of those tokens and gained $130 million as a result.
According to the complaint, Thurston also allegedly stole Gala node licenses, which are used to earn GALA …