The GALA token is taking a hit after an argument arose between the co-founders of the blockchain gaming platform Gala Games. Wright Thurston and Eric Schiermeyer have both filed lawsuits in a Utah District Court against one another.
Schiermeyer accuses Thurston of stealing $130 million worth of GALA tokens and then moving them into 43 different wallets. He also claims that Thurston sold the tokens in a web of complex transactions between September 2022 and May 2023. Thurston denies any knowledge of the sale.
Thurston’s lawsuit, meanwhile, accuses Schiermeyer of wasting millions of company assets and using millions of Gala’s money for personal use. He also allegedly created companies in Switzerland and Dubai, of which he appointed himself the majority shareholder. Thurston is seeking $750 million in damages and relief.
The US Securities and Exchange Commission also sued Thurston and two companies he co-founded in March 2023, for selling investments in a supposedly fake crypto mining scheme.
The GALA token has dropped more than 5% in the past 24 hours.