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A courtroom showdown is happening between Wright Thurston and Eric Schiermeyer, co-founders of Gala Games, a blockchain gaming platform. Both parties have filed opposing lawsuits in a Utah District Court on August 31.
Schiermeyer, who also holds the CEO position at Gala Games, accused Thurston and his investment company, True North United Investments, of illicitly acquiring $130 million in GALA tokens. According to the lawsuit, Thurston initially transferred these tokens to a company-owned digital wallet. However, he then distributed them across 43 different wallets. Thurston originally justified the move by claiming he was keeping the tokens in secure locations on behalf of the company. However, he allegedly engaged in a complicated series of transactions from September 2022 to May 2023 to either sell or exchange the tokens.
Schiermeyer's lawsuit further argues that Thurston falsely pretended to be unaware of his actions regarding the tokens. Moreover, he is accused of taking licenses that allow the operation of Gala ecosystem nodes, selling those licenses and pocketing the money.
On the flip side, True North United Investments, owned by Thurston, filed a counter-lawsuit against Schiermeyer. According to this lawsuit, Schiermeyer is the one at fault, accusing him of squandering millions of dollars of Gala Games' resources. The lawsuit also claims that Schiermeyer borrowed company funds for personal use. Furthermore, Schiermeyer allegedly established Gala-affiliated companies in Dubai and Switzerland, where he positioned himself as the primary shareholder. True North's lawsuit argues that Schiermeyer managed Gala Games without Thurston's consultation, even though Thurston is a Gala director.
Both lawsuits are seeking the removal of the other party from the board of directors of Gala Games. While Schiermeyer is demanding the return of the misappropriated tokens, Thurston is seeking damages amounting to at least $750 million.
It's worth mentioning that the United States Securities and Exchange Commission has already sued Thurston, along with True North and another company he owns, Green United, over an unrelated matter concerning fraudulent crypto investments.
Neither legal team for Schiermeyer or Thurston provided immediate comments when contacted.
