Two co-founders of blockchain games developer Gala Games are currently suing each other in a Utah district court. Both lawsuits were filed on Thursday. 

Gala’s CEO Eric Schiermeyer alleges the company’s director, Wright Thurston, stole $130 million in GALA tokens back in 2021 through his company True North United Investments, which owns about 45% of Gala. 

According to Schiermeyer, the tokens were initially moved to a company wallet, then spread into 43 other wallets under Thurston’s control, before being sold in a “complex web of obfuscatory transactions” between September 2022 and May 2023.

The price of GALA dropped significantly on the news. The Gala Games ecosystem’s native token has fallen over 5% in the last 24 hours and is currently changing hands at $0.01657233, according to CoinGecko.

On the other side of the fence, Thurston alleges Schiermeyer went rogue, neglecting to seek his input while making transactions that led to the “sell off and waste [of] millions of dollars in company assets,” or as it’s known in legalese:

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Author: Tim Hakki

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