CEO and Co-founder of Gala games have filed lawsuits against each other for illegally buying and selling (read, dumping) $130M worth of GALA tokens that are deployed on Ethereum blockchain.
Gala Game’s CEO Eric Schiermeyer’s Lawsuit against co-founder mentions that when confronted about co-founder Write Thurston’s theft of Company GALA, Thurston falsely stated that he simply intended to hold the GALA in secure wallets for the benefit of Gala Games. However, last year Thurston and/or True North began moving the stolen tokens from those wallets and exchanging or selling them in a complex web of obfuscatory transactions. He was able to exchange, hide or sell approximately $130,000,000 worth of the stolen GALA before Gala Games could stop him.
He adds, “Thurston also stole licenses to operate nodes on the Gala ecosystem from the Company. These nodes can be operated to earn valuable GALA tokens. Thurston sold those stolen node licenses to others while keeping the proceeds of those sales for himself and/or True North. Thurston and True North have been sued by the purchasers of those stolen licenses, who have accused Thurston of defrauding them.”
On the other hand, Co-founder Write Thuston says in this in his lawsuit.
Schiermeyer’s actions have been ongoing and have seriously damaged – and threaten to further damage – BGP. Those actions also have caused and threaten to continue to cause damage to the rights and interests of True North and various other minority shareholders arising under the Founders Agreement and from its position as a 44.762% shareholder of BGP.