• The price of GALA is trading at $0.01669, down 10% in the last 24 hours.
  • The company cannot prevent the transfer of funds until it is too late according to lawsuits.

As a result of Gala Games CEO Eric Schiermeyer and co-founder Wright Thurston taking themselves to court, the GALA token is in the midst of a severe downturn. Eric claims that Thurston and True North United Investments, LLC stole 8,645,014,077 GALA tokens from the company, according to documents filed in the US District Court for the District of Utah.

The 76-page document states that Thurston deliberately engaged in a “complex and confusing web of transactions” to hide the true value of the tokens he bought and sold. Based on the complaint, the company cannot prevent the transfer of funds until it is too late.

Struggle Continues

At a time when the Web3.0 ecosystem is harmonizing to come together against the US SEC in a larger effort to implement comprehensive regulations for the sector, this case seems unprecedented.

The conflict within the Gala Games team highlights problems the company has had with regulatory bodies in the past, following Thurston and True North’s crypto Green Boxes initiative, which is optimistically based on increased energy efficiency.

The action exposed all of Thurston’s previous crypto ventures, most of which had been the subject of litigation in the past, setting a precedent for suing him even before the Gala Games. The lawsuit seeks various remedies, including monetary damages and the removal of Thurston from the position of director of the company. According to CMC, the price of GALA is trading at $0.01669, down 10% in the last 24 hours. Moreover, the price fell 28% in the last 30 days.

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