The Internal Battle at Gala Games: A Clash That Rocks the Blockchain Gaming Industry
Gala Games, a heavyweight in the blockchain gaming sector, finds itself at a crossroads, not due to market conditions, but because of internal conflicts. The legal battle between CEO Eric Schiermeyer and co-founder Wright Thurston has turned into a public spectacle, impacting the value of Gala’s native token, which plummeted nearly 11% in a single day.
The lawsuits, ranging from breach of trust to mismanagement, have plunged the company’s operations into turmoil. While the Gala token may be the immediate casualty, the long-term implications for Gala Games could be significant.
A Complex Web of Lawsuits
The lawsuit filed by Schiermeyer is a scathing attack on Thurston, alleging that the co-founder illicitly acquired and sold GALA tokens worth a staggering $130 million. According to the CEO, Thurston executed these transactions through a series of complex maneuvers designed to obscure their origin. The case, filed on behalf of Blockchain Game Partners, Gala Games’ parent company, also involves Thurston’s own company, True North United Investments, as a defendant. Schiermeyer is pushing for the recovery of stolen assets and Thurston’s removal from the company.
Counterclaims and the Domino Effect
Not one to accept these allegations without a fight, Thurston has retaliated with his own lawsuit. His counterclaims accuse Schiermeyer of squandering approximately $600 million in company assets and shareholders’ funds. The co-founder argues that Schiermeyer used company resources for personal gain, even forming offshore entities to divert business opportunities. As the legal battle unfolds, Gala Games’ leadership becomes increasingly fractured. While other executives opt for neutrality, Jason Brink, Gala Games’ President of Blockchain, stated that the lawsuits would bring much-needed transparency.
