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Gala Games CEO and Co-Founder File Lawsuits Against Each Other

Eric Schiermeyer, CEO of Web3 entertainment startup Gala Games, has filed a lawsuit against the company’s co-founder, Wright Thurston. Schiermeyer has alleged in the lawsuit that Thurston stole 8.6 billion GALA tokens in 2021 and sold them for $130 million. Following the lawsuit, the price of GALA tokens has dropped by 13%, media reports said. 

Schiermeyer filed the lawsuit on August 31, and the same day, Thurston also filed a lawsuit against Schiermeyer and alleged that Schiermeyer took control of Gala Games to use the company’s funds for personal purchases, including a private jet. 

Gala Games, a Web3 GameFi startup, was co-founded by Thurston % in early 2019, with each receiving 50% ownership. Some publications have mentioned Michael McCarthy as the third co-founder. But his name is not mentioned in any of the lawsuits. Gala Games recently launched turn-based RPG game Champions Arena for mobile devices. It also has a significant interest in digital collectables, blockchain-based music, and films.  

Schiermeyer’s lawsuit alleges that Thurston “​​has founded numerous companies, most of which have ended up in litigation, insolvent, bankrupt, and/or sued by the SEC.” His main allegation is Thurston stole more than 100% of the GALA tokens in circulation at the time of the theft. 

Thurston’s lawsuit retaliates, “Schiermeyer’s malfeasance, mismanagement, and self-dealing have resulted in hundreds of millions of dollars in damage to [Gala]’s reputation and company and shareholder assets.”

 

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