Gala Games CEO Sues its Co-founder

The legal disputes between Eric Schiermeyer and Wright Thurston, two top executives at the Web3 GameFi startup Gala Games, have sparked a 13% drop in the price of the GALA token since the allegations of theft and misuse of company funds.

Schiermeyer, who owns 50% of the company, is suing Thurston for the theft of 8.6 billion GALA tokens and for allegedly establishing companies that end up in litigation, insolvent, or bankrupt.

Thurston, in his own lawsuit, alleges that Schiermeyer has been using company funds for personal purchases.

The company recently released Champions Arena, a turn-based RPG game for mobile devices, and has various ventures in blockchain-based music, film, and digital collectibles.