Gala Games CEO Accuses Investor of $130M Token Scandal

Eric Schiermeyer and Wright Thurston filed complaints against each other in Utah District Court on August 31.

Early in 2021, Schiermeyer, the CEO of Gala Games, accused Thurston and his investment firm, True North United Investments, of obtaining approximately $130 million worth of GALA tokens associated with the Gala Games ecosystem.

According to the Schiermeyer lawsuit, GALA tokens were initially transferred to a wallet controlled by Gala Games and then moved to 43 additional wallets by Thurston.

Thurston allegedly engaged in intricate transactions involving GALA tokens between September 2022 and May 2023, exchanging or selling them.

According to the lawsuit, these transactions were deliberately complicated.

Schiermeyer’s lawsuit refuted Thurston’s claim that the GALA tokens sold belonged to him, despite his initial denial of knowledge of the token sale.

Thurston is also suspected of stealing licenses to operate project network nodes. True North filed a counterclaim against Schiermeyer on Gala Games’s behalf.

The document states that he caused millions of dollars of company assets to be sold and embezzled and borrowed corporate funds for personal requirements.

According to the prosecution, Schiermeyer also established Gala subsidiaries in Switzerland and Dubai and became the company’s majority shareholder to capitalize on business opportunities.

In addition, despite repeated requests, he provided Thurston with incomplete or inaccurate information and corporate records.

A common requirement in litigation is that the defendant be removed from their position as director.

Thurston also decided to recover $750 million in damages from his colleague.