Legal Dispute Emerges as Gala Games Co-Founder Alleges Significant Token Theft
In a dramatic turn of events, the Gala Games ecosystem finds itself embroiled in a legal battle as co-founders Eric Schiermeyer and Wright Thurston now face off in court. The conflict revolves around allegations made by Eric, accusing Thurston and his company, True North United Investments, LLC, of stealing a staggering 8,645,014,077 GALA tokens from the company.
Legal filings submitted to the United States District Court for the District of Utah lay out the intricate web of transactions through which Thurston allegedly orchestrated the theft. It is claimed that he systematically moved, exchanged, or sold the tokens, effectively diverting the substantial amount before Gala Games could take any action.
This lawsuit marks an unprecedented development within the Web3.0 ecosystem, particularly as the industry collectively rallies against the United States Securities and Exchange Commission (SEC) to establish comprehensive regulations. The internal conflict within the Gala Games project also adds to the challenges the company faces with respect to the market regulator. Thurston and True North previously encountered scrutiny from the SEC in relation to the Green Boxes crypto project, which focuses on energy efficiency.
Interestingly, this is not the first time Thurston has faced legal action. The lawsuit sheds light on other crypto projects he has been involved with, many of which have experienced litigation in the past. Among the demands outlined in the lawsuit is a call for compensation for damages and the removal of Thurston as a director of the company.
Gala Games, a prominent gaming hub in the Web3.0 realm, relies on the GALA token as its integrated economic system. This token facilitates the purchase of in-game assets and serves as a means of exchange among players.
The repercussions of the lawsuit have had a tangible impact on the GALA token’s value. At present, it is trading at $0.0171, representing an 8% decline over the past 24 hours.
The legal dispute within Gala Games sends shockwaves throughout the industry, shedding light on the need for stronger regulations and creating uncertainty for stakeholders. As the proceedings unfold, the outcome of this feud will undeniably shape the future of Gala Games and impact the wider Web3.0 ecosystem.
