This has been a whole week for news from Gala Games, but probably not in the way they want! Basically, the two co-founders of Gala Games Eric Schiermeyer and Wright Thurston, are filing lawsuits against each other alleging various improprieties regarding the company and its GALA token!
When two co-founders of a company sue each other for hundreds of millions of dollars, it’s usually not a good sign. And as you might expect, a lot has been revealed by these lawsuits, and a lot we still don’t know.
The allegations in these lawsuits are pretty insane and possibly correct by both sides! In short, Eric accuses Wright of misusing GALA token and NFTs for his own personal gain, while Wright claims that Eric overstepped his bounds by moving tokens from the company wallet and also by excluding him (Wright) from the GALA V2 token exchange .
And it seems increasingly likely that the whole impetus behind GALA V2’s release was due to this internal struggle! And so it makes more sense Coinbase refused to participate in the upgrade process, instead the GALA token is simply removed completely. At the time, many blamed Coinbase for being stubborn for no apparent reason. However, it turns out that they had a very valid reason!
And that’s really just a very basic explanation. If you want detailed information, Cryptostache has gone through everything at a recent Twitter Spacesand you can read more in-depth articles at Bitcoinist And Mint Telegraph.
Early precipitation
Gala Games, the company, was quick to act We point out that these lawsuits were between individualsand not the company itself. However, the company is mired in the issues that led to these lawsuits. And most likely the result of these lawsuits will result in a significant amount of money leaving the company as one of the founders is forced to leave. So there will definitely be some kind of impact within Gala Games.
It also seems that Eric and Wright didn’t quite run Gala Games with the business acumen it needed as a multi-billion dollar company. No real board of directors, company portfolios openly accessible to both founders, and likely many other issues to come to light in the coming months.
The GALA token has already taken a hit, dropping more than 10% in recent days, which is just the most recent of a steady downtrend over the past six months.
I would also be concerned about potential secondary lawsuits from investors and token holders. Especially around the GALA V2 release. Information revealed as part of these lawsuits could affect Gala for years to come!
More about gala games
Gala Games is a blockchain ecosystem for web3 games. This includes both internal games and partnerships with other developers. Their games in development include Spider Tanks, Mirandus, Superior, Town Star and many others. They also acquired Ember Entertainment, a mobile games company, and have begun integrating NFTs into their existing mobile games.
But Gala encompasses more than just games. They have launched projects for music and movie distribution as NFTs! Gala Games is also building their own blockchain, known as GalaChain (formerly GYRI), on which all of their apps and games will live in the future.
Follow them to stay up to date with the latest Gala Games news Twitterjoin them Disagreementand visit them website.