However, the legal disputes have undeniably added fuel to the fire, causing investors and stakeholders to question the company’s stability and future prospects. The decline is not solely attributable to the lawsuits but has been exacerbated by broader market conditions affecting cryptocurrencies like Bitcoin and Ethereum. As of early September 2023, the token had lost 72% of its value from its peak in January, sinking to a near all-time low. The internal strife has had a devastating impact on Gala Games and its native token, GALA.
Brink confirmed the lawsuits and expressed hope that they would bring transparency to the company’s operations. While the top executives are embroiled in legal battles, other members of the Gala Games leadership, such as Jason Brink, President of Blockchain at Gala Games, have chosen to remain neutral. Both parties are seeking the removal of the other from their respective directorial roles, adding another layer of complexity to the already convoluted situation. Thurston’s lawsuit also claimed that Schiermeyer had formed offshore entities in Dubai and Switzerland, using loans from the company for acquisitions that should have rightfully belonged to Gala Games. In a counterclaim, Thurston filed a lawsuit accusing Schiermeyer of gross mismanagement and financial imprudence, alleging that the CEO had squandered nearly $600 million in company assets. Schiermeyer also claimed that Thurston illegally sold licenses to operate nodes within the Gala Games ecosystem, further exacerbating the company’s woes. The CEO alleged that these tokens were moved from secure wallets and sold or hidden in a complex web of transactions, causing significant financial damage to the company. Schiermeyer’s lawsuit, filed on behalf of Blockchain Game Partners-the parent company of Gala Games-accused Thurston and his investment firm, True North Investments, of unlawfully acquiring and selling approximately 8.645 billion GALA tokens, valued at around $130 million. In a dramatic escalation of internal conflicts, Eric Schiermeyer, CEO of Gala Games, and Wright Thurston, the company’s co-founder, have filed lawsuits against each other, sending shockwaves through the blockchain gaming community.
The lawsuits unveiled Schiermeyer’s lawsuit, filed on behalf of Blockchain Game Partners-the parent company of Gala Games-accused Thurston and his investment firm, True … Read more
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