Co-founders of Gala Games, Eric Schiermeyer and Wright Thurston, are embroiled in a legal battle involving two lawsuits. Schiermeyer, who is also Gala’s CEO, alleges that Thurston and his investment firm, True North United Investments, stole approximately $130 million worth of GALA tokens connected to the Gala Games ecosystem.
Schiermeyer claims that Thurston moved the tokens into multiple wallets under Gala’s control but later transferred them to 43 other wallets. These tokens were allegedly exchanged or sold through a series of complex transactions between September 2022 and May 2023. Thurston is also accused of stealing licenses to operate Gala ecosystem nodes and selling them for personal gain.
Conversely, Thurston’s lawsuit, filed on behalf of Gala by True North, states that Schiermeyer wasted millions of dollars in company assets and used Gala funds for personal purchases. Thurston claims that Schiermeyer operated Gala without input from him, withheld information, and created Gala entities in Switzerland and Dubai with himself as the controlling shareholder.
The lawsuits seek various damages, relief, and the removal of each co-founder from Gala. This legal dispute follows a previous lawsuit filed by the U.S. Securities and Exchange Commission against Thurston, True North, and another company he founded. As of now, lawyers for both parties have not provided comments on the matter.
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