Gala Games co-founders Eric Schiermeyer and Wright Thurston are embroiled in a legal battle over 8.645 billion GALA tokens, stirring Web 3.0’s crypto landscape
In a seismic legal clash within the Web3.0 domain, GALA Games co-founders Eric Schiermeyer and Wright Thurston find themselves entangled in a high-stakes courtroom drama, spotlighted by analyst Jake Browatzke on Twitter. Schiermeyer has filed a lawsuit in Utah’s District Court, alleging Thurston and his firm, True North United Investments, LLC, orchestrated the audacious theft of 8.645 billion GALA tokens from the company’s reserves.
The extensive legal documentation provides a detailed narrative, claiming that he intentionally wove a “complex web of obfuscatory transactions” to clandestinely move, exchange, or offload the tokens above. Shockingly, the digital assets had vanished into thin air when Gala Games took notice.
GALA Games’ Legal Battle And Web3.0 Regulatory Challenges
This legal battle marks a pivotal milestone in the Web3.0 crypto landscape, where the entire cryptocurrency industry is coalescing to challenge the United States Securities and Exchange Commission (SEC) as it vigorously pursues the implementation of wide-ranging regulatory initiatives.
Notably, this internal strife within the Games project is merely the latest chapter in a series of confrontations with regulatory authorities. Previously, the SEC had cast a watchful eye on Thurston and True North for their involvement in the Green Boxes crypto project, which champions energy efficiency.
The legal action against Thurston reveals a pattern of litigation associated with his various crypto ventures, many of which have faced legal challenges. The lawsuit’s demands are far-reaching, encompassing compensation for damages incurred and removing Thurston from his directorial role within the company.
The repercussions of this legal battle have sent shockwaves across the token market, resulting in a significant decline in its valuation. At the moment of this report, GALA is exchanging hands at $0.0163, signifying a 12.8% decrease in value within the preceding 24-hour period.
In the world of Gala Games, where virtual adventures abound, the real-world drama between co-founders Eric Schiermeyer and Wright Thurston has captured the spotlight, leaving an indelible mark on the evolving landscape of Web3.0.