Day: September 4, 2023

Gala Games founders biff over $130M theft, corporate waste allegations

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The co-founders of blockchain gaming platform Gala Games have locked horns in court over two separate lawsuits, one alleging the theft of $130 million worth of Gala (GALA) and the other alleging corporate waste. On Aug. 31 Gala co-founders Wright Thurston and Eric Schiermeyer, also the firm’s CEO, filed lawsuits against one another in a Utah District Court. On behalf of Gala, Schiermeyer alleged that in early 2021 Thurston and his investment firm True North United Investments stole around $130 million worth of GALA — a token tied to the…

FTX wallet shifts $10M in crypto, sparking fear of token dumps to come

A wallet owned by bankrupt crypto exchange FTX has moved $10 million worth of digital assets from the Solana (SOL) network to Ethereum, sparking concerns it could be the beginning of a series of token dumps amid the exchange’s bankruptcy proceedings.  According to data from blockchain analytics platform Arkham Intelligence, since Aug. 31, the FTX wallet has transferred $6.23 million worth of Ether (ETH) and more than $4 million in altcoins. These included $1.2 million of FTX Token (FTT), $1.8 million worth of Uniswap (UNI), $1.3 million of HXRO (HXRO),…