Gala Games CEO sues company co-founder for stealing $130 million

Gala Games CEO Eric Schiermeyer filed a lawsuit against startup co-founder Wright Thurston. According to him, the latter stole 8.6 billion GALA in 2021, which he then sold for $130 million.

According to the case materials, these crypto assets were transferred to the account of True North United Investments. They were then redistributed among 43 wallets controlled by Thurston.

According to Schirmeyer, the latter explained his decision with a desire to protect the company's capital. However, Thurston lied because he later, from September 2022 to May 2023, sold all the assets, receiving a total of about $130 million, the statement said.

The lawsuit notes that he initially denied the fact of selling the tokens, but later declared his right to own them. Also, according to the plaintiff, the accused stole licenses to manage Gala ecosystem nodes.

The same day, Thurston's firm, True North United Investments, filed a counterclaim. In it, the company's co-founder claims that Schiermeyer used corporate funds for personal use. In particular, he allegedly purchased his own plane with this money.

He also removed Thurston from his management responsibilities, according to the lawsuit. Both sides demanded the removal of their opponent and the acquisition of certain compensation.

Prior to this, Gala Games filed a lawsuit against the provider pNetwork. The latter was accused of fraud with pGala.

The company later announced that, together with Huobi, it would pay $50 million to victims of this scheme.