The co-founder filed his own lawsuit in response, alleging the CEO used the company to enrich himself, including a corporate jet.
Web3 gaming startup Gala Games CEO Eric Schiermeyer recently sued the company’s co-founder Wright Thurston, alleging that Thurston stole 8.6 billion GALA tokens in early 2021 and managed to sell them for $130 million before the company could stop him. Schiermeyer’s
Gala Games, a Web3 GameFi startup, was co-founded by Thurston and Schiermeyer in early 2019, with each receiving 50% ownership. Michael McCarthy, who is listed by some publications as Gala’s third co-founder, is not mentioned in either lawsuit. The company recently launched Champions Arena, a turn-based RPG game for mobile devices, and also has ventures in blockchain-based music, film, and digital collectibles.
By the time of the upgrade, the lawsuit claims approximately half of Thurston’s GALA tokens ended up at centralized exchanges, where Thurston sold them for over $130 million in profit. When Schiermeyer demanded that Thurston stop selling the stolen GALA, the lawsuit claims, “Thurston first responded that he was selling some of the GALA tokens in order to purchase ammunition for firearms. Then he stopped responding.
Schiermeyer also alleges that Thurston has been largely absent from the operations of Gala, even being “virtually unreachable for many months at a time,” according to his complaint.Thurston, in his lawsuit, agrees that he hasn’t been running the company, but complains that Schiermeyer “caused [Gala] to operate without notice to or input from [Thurston], thus eliminating Thurston’s ability to help guide [Gala] to the benefit of the company and its shareholders.
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