- Gala Games is suffering from an internal fight among the executives.
- The CEO and the co-founder are the ones fighting each other.
One of the things that can affect a budding crypto project is internal battles from the leadership of the company. So, this is what Gala Games are suffering from.
Huge Scuttle as Gala Games Executives Battle Each Other
- Gala Games’ leadership, including CEO Eric Schiermeyer and co-founder Wright Thurston, are currently fighting each other. The issue is related to the management of their native token, GALA. So, one of the executives accuses the other of mismanaging their marine token finances. The case is in court, and each of the two co-founders is fighting each other about it.
- In his own lawsuit, Schiermeyer says Thurston unlawfully acquired and traded $130 million GALA tokens. On the other hand, Thurston said Schiermeyer mismanaged the firm’s assets and participated in deceptive practices. So, this took the case to a whole new level, hence the need for a court hearing.
Schiermeyer Accusations in the Gala Games Scandal
- The CEO of this crypto firm, Schiermeyer, is representing Blockchain Game Partners, the company behind Gala Games. So, they are suing the co-founder for stealing a large portion of Gala Games native token.
- The accusation is that Thurston stole 8.645 billion GALA tokens worth $130 million from the company in 2021. Back then, when the company’s executives asked him why he took that amount of token, he said it was for safekeeping. However, the tokens are not available anymore, leading to accusations of theft.
- This wasn’t the only thing Thurston did against Gala Games. When he was still part of the company, there were allegations he stole the Gala Games node operations license and sold it. In fact, he did this without the knowledge of the crypto project. The amount the co-founder of Gala Games took from the company is quite huge. This is according to the allegations. So, the amount the co-founder paid himself is more than 10 times that of the CEO.
Co-founder Thurston Lawsuit
- The co-founder of Gala Games has his own allegations against the company’s current CEO. But first, he wants the removal of the lawsuit from the CEO of the company. So, the co-founder believes the lawsuit from the CEO is a “corporate waste, conversion, unjust enrichment.”
- On the part of the Gala Games co-founder, he said the CEO and his group of cohorts engaged in illegal burning. So, there are allegations of the company’s CEO burning off about $600 million in Gala and shareholders’ assets.
Conclusion
Gala Games is currently in shambles, with their CEO and the co-founder fighting each other. One of them is accusing the co-founder of stealing $130 million from the company’s native tokens. However, the co-founder says this isn’t true. He is accusing the company’s CEO of illegally burning the tokens. In fact, the price of their native token, GALA, is suffering from a price drop due to the debacle.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company
