This has been quite a week for news from Gala Games, but probably not in the way that they want! In short, the two co-founders of Gala Games Eric Schiermeyer and Wright Thurston, are filing lawsuits against each other, alleging various improprieties in regards to the company and its GALA token!
Whenever two co-founders of a company sue each other for hundreds of million dollars, it’s generally not a good sign. And as you might expect, there is a lot that is revealed by these lawsuits and a lot that we still don’t know.
The allegations in these lawsuits are pretty crazy, and possibly correct by both sides! Basically, Eric accuses Wright of misuing GALA token and NFTs for his own personal gains, while Wright alleges that Eric overstepped his bounds by moving tokens from the company wallet and also by locking him (Wright) out of the GALA V2 token swap.
And, it fact seems increasingly likely that the whole impetus behind the release of GALA V2 was due to this internal strife! And thus it makes more sense thar Coinbase refused to join in the upgrade process, instead simply delisting the GALA token entirely. At the time, many were blaming Coinbase for being stubborn for no apparent reason. However, it now appears that they had a very valid reason!
And that’s really only a very, very basic explanation. If you want detailed information, Cryptostache went through everything on a recent Twitter Spaces, and you can read more in-depth articles at Bitcoinist and Coin Telegraph.
Gala Games, the company, was quick to point out that these lawsuits were between individuals, and not the company itself. However, the company is enmeshed within the issues that brought about these lawsuits. And likely the result of these lawsuits will see a significant amount of funds leave the company as one of the founders is forced out. So there will definitely be some sort of fallout within Gala Games.
It also seems that Eric and Wright didn’t really run Gala Games with the business acumen that it needed as a billion dollar company. No real board of directors, company wallets openly accessible by both founders, and likely many other issues that will come to light over the coming months.
The GALA token has already taken a hit, dropping over 10% over the past few days, which is just the most recent of a steady downward trend over the last six months.
I would also be concerned about potential secondary lawsuits from investors and token holder. Particularly around the GALA V2 release. Information revealed as part of these lawsuits could be affecting Gala for years to come!
recent GALA price chart from CoinGecko
More About Gala Games
Gala Games is a blockchain ecosystem for web3 games. This includes in-house games, as well as partnerships with other developers. Their games in development include Spider Tanks, Mirandus, Superior, Town Star, and many others. They also purchased Ember Entertainment, a mobile gaming company, and have begun integrating NFTs into their existing mobile games.
But Gala includes more than just games. They have launched projects for distributing Music and Film as NFTs! Gala Games is also building up their own blockchain known as GalaChain (formerly GYRI), on which all of their apps and games will live in the future.
To keep up with all of the latest from Gala Games, follow them on Twitter, join their Discord, and visit their website.
The post Lawsuits Reveal Internal Strife at Gala Games appeared first on Play to Earn.Read More
By: Phil Hall
Title: Lawsuits Reveal Internal Strife at Gala Games
Sourced From: www.playtoearn.online/2023/09/06/lawsuits-reveal-internal-strife-at-gala-games/
Published Date: Thu, 07 Sep 2023 00:44:47 +0000
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