The co-founders have filed lawsuits against each other for the theft of $130 million worth of tokens, and corporate misappropriation of funds respectively. The co-founders have filed lawsuits against each other for the theft of $130 million worth of tokens, and corporate misappropriation of funds respectively. % %
The co-founders have filed lawsuits against each other for the theft of $130 million worth of tokens, and corporate misappropriation of funds respectively.
Since then, a falling out has occurred between co-founders Wright Thurston and Eric Schiermeyer. Each controlled 50% of the company, and they are now fighting to remove the other from the board of directors. Originally, the funds were moved to a company wallet but were shortly after transferred across 43 other wallets belonging to Thurston and his investment company. These tokens were then allegedly sold between September 2022 and May 2023. Some of the proceeds of the sales were reportedly used to purchase ammunition. The fate of the rest is unknown.
The lawsuit also claims that these tokens amounted to more than the total supply of tokens then in circulation.of GALA v2, whose real purpose may have been to deprecate any remaining stolen assets. However, this is unconfirmed., in which Thurston claimed that his co-CEO damaged Gala Games reputation – and checkbook – to the tune of millions of dollars. Schiermeyers’ alleged misuse of company funds includes an installment payment towards a private jet.
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