Wright Thurston and Eric Schiermeyer, co-founders of the blockchain gaming platform Gala Games, filed on August 31 counterclaims in Utah District Court against allegations of embezzlement.
Gala’s CEO Schiermeyer claimed that Thurston and his investment firm True North United Investments had stolen approximately $130 million worth of GALA tokens in early 2021 by moving them to a wallet controlled by the company and then distributing them to 43 of their own addresses.
Thurston declared he had only kept the assets in a safe place. It is believed that Thurston later withdrew the tokens again and traded or sold them in a “complex web of intricate transactions” between September 2022 and May 2023, and that he also stole licenses to run nodes on the project’s network.
Subsequently, True North simultaneously filed a counterclaim on behalf of Gala against Schiermeyer, for purportedly causing the sale and dissipation of millions of dollars of company assets and borrowing corporate funds for personal use.
