- The price of GALA is trading at $0.01669, down 10% in the last 24 hours.
- The firm was unable to prevent the transfer of funds until it was too late as per the lawsuit.
As a result of Gala Games CEO Eric Schiermeyer and co-founder Wright Thurston dragging 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 corporation, according to documents filed in the U.S District Court for the District of Utah.
The 76-page document states that Thurston knowingly engaged in a “complex web of obfuscatory transactions” to conceal the true value of the tokens he bought and sold. According to the complaint, the firm was unable to prevent the transfer of funds until it was too late.
At a time when the Web3.0 ecosystem is harmonizing in order to jointly battle the U.S SEC in the larger attempt to bring in a complete regulation for the sector, this case seems to be unprecedented.
Conflicts within the Gala Games team highlight an issue the company has had with the regulatory body in the past, following on the heels of Thurston and True North’s Green Boxes crypto initiative, which is optimistically based on improving energy efficiency.
The action exposed all of Thurston’s prior crypto ventures, most of which had been subject to litigation in the past, providing a precedent for suing him even before Gala Games. The lawsuit is seeking a variety of remedies, including monetary damages and Thurston’s removal as a director of the firm. According to CMC, the price of GALA is trading at $0.01669, down 10% in the last 24 hours. Moreover, the price is down 28% in the last 30 days.
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