United

Dubai

Gala

<div class="cryptonews"> 
 <p class="is-style-lead">True North United Investments filed a lawsuit against Web3-based play-2-earn gaming platform Gala Games CEO Eric Schiermeyer, alleging corporate mismanagement, improper use of funds, and questionable business practices.</p> 
 <h2 class="wp-block-heading" id="gala-games-play-to-earn-gaming-platform-faces-legal-battle">Gala Games play-to-earn gaming platform faces legal battle</h2> 
 <p>Schiermeyer co-founded Gala Games with Wright Thurston, the <a rel="noopener noreferrer nofollow" title="founder" href="https://thebittimes.com/tag/founder.html">founder</a> of True North United Investments, LLC.</p> 
 <p>This isn’t the first legal spat between the fellow entrepreneurs. According to a&nbsp;previous lawsuit, Schiermeyer alleged that Thurston stole $130 million worth of cryptocurrency. Thurston clapped back with a lawsuit against Schiermeyer, alleging that he had breached his fiduciary duties and engaged in self-dealing.&nbsp;</p> 
 <p>Thurston also alleges that Schiermeyer borrowed millions of dollars from Gala Games for personal use, misappropriated $600 million in company assets, and engaged in activities such as seizing business opportunities by creating entities in Switzerland and Dubai that belong to Gala Games.</p> 
 <p>Furthermore, the lawsuit contends that Schiermeyer impeded Thurston from participating in company decisions. Allegations of poor financial management have arisen due to the provision of incomplete or inaccurate financial information.&nbsp;</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr"> THREAD: Legal Drama Unfolds Between True North and @GoGalaGames ' Eric Schiermeyer</p>— Timnology (@Timnologynl) September 2, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>As per the lawsuit, these actions are believed to be causing both present and potential future harm to Gala Games and its shareholders, including True North. In response, True North seeks to remove Schiermeyer from his positions as director and president and seeks remedies for the alleged damages resulting from his actions.</p> 
 <p>The U.S. SEC had additionally filed a lawsuit against Thurston in a separate fraud case related to Green Boxes — devices that claimed to mine an energy-efficient cryptocurrency token.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Gala Games native token, GALA, plummets after tweet deletion 
 </div> 
 <p>For the uninitiated, Gala Games is a blockchain gaming platform that offers a lineup of play-to-earn (P2E) gaming titles, an NFT marketplace, music and film products.</p> 
 <p>The platform is built on the Ethereum and Binance Smart Chain. It operates on a system of decentralized nodes owned by users that perform various functions, from hosting to voting on the future direction of the game’s development.</p> 
 <p>Gala Games provides a unique ecosystem where players can enjoy playing games and generate income through various in-game activities, NFT ownership, and active participation in the platform’s development and governance.&nbsp;&nbsp;&nbsp;</p> 
 <h2 class="wp-block-heading" id="the-play-to-earn-gaming-revolution">The play-to-earn gaming revolution</h2> 
 <p>The P2E gaming market is growing quickly. NFT-driven P2E gaming is becoming an integral part of the Web3 metaverse.&nbsp;</p> 
 <p>In July 2021, Axie Infinity, a blockchain-based game where players collect, breed, and battle fantasy creatures called Axies, gained immense popularity. Players can earn the native token, AXS, and the in-game currency, SLP, by participating in battles and other activities. This game’s success brought widespread attention to the play-to-earn model.</p> 
 <p>Numerous play-to-earn games have emerged, offering various gameplay experiences and earning opportunities. Titles like “Splinterlands,” “Lost Relics,” and “The Sandbox” have gained traction, attracting players and investors alike.</p> 
 <p>The transition of Facebook to Meta Platforms and the recent acquisition of Activision Blizzard by Microsoft are expected to impact the P2E gaming industry significantly.&nbsp;</p> 
 <p>The play-to-earn model of business has succeeded when being used with blockchain games.&nbsp;</p> 
 <p>Gala games native GALA token’s value has dropped by 98% since its all-time high of over $0.82 in Nov. 2021.</p> 
 <p>At press time, the GALA price is hovering around&nbsp; $0.01669572, representing a decline of 9.4% in the last 24 hours, according to CoinGecko. The GALA market capitalization stands at $431,728,183.&nbsp;</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Are Play-to-Earn Games Here to Stay 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/gala-games-co-founders-to-lock-horns-in-court-tbt61374.html">https://thebittimes.com/gala-games-co-founders-to-lock-horns-in-court-tbt61374.html</a></p>

Gala Games co-founders to lock horns in court

Table of Contents

TheBitTimes

Other articles published on Sep 3, 2023

XRP and Shiba Inu (SHIB) Steal Spotlight With Jaw-Dropping Mysterious Transfers

Canoo Inc. (NASDAQ: GOEV): Will GOEV Stock Reach the $1 Mark?

RAI Could Be an Activist For Minority LSDs: Vitalik Buterin

BTC price settles following SEC’s spot Bitcoin ETF delay

Ethereum Price Prediction: ETH Crypto in an Interesting Pattern

What is Crypto Address Poisoning Attack And How To Avoid it

Join our free newsletter for daily crypto updates!