Gala Games Co-founders Engage in Legal Battle over $130M Theft Issue

In the lawsuit, Schiermeyer accused co-founder Thurston of moving GALA tokens from wallet under Gala Games’ control to 43 different wallets. Co-founders of blockchain gaming platform Gala Games have engaged in a legal battle over two separate lawsuits filed in the court. One of the co-founders alleged the theft of $130 million worth of Gala tokens, while the other alleged corporate waste. Last Thursday, August 31, Gala Games co-founders Eric Schiermeyer and Wright Thurston filed lawsuits against each other in the Utah District Court. On behalf of Gala Games, its…

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

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…

UK to spend $130M on AI chips amid scramble to buy up computing power

British Prime Minister Rishi Sunak is set to spend $130 million (100 million pounds) to buy thousands of computer chips to power artificial intelligence, amid a global shortage and race for computing power. The Telegraph reported on Aug. 20 that the United Kingdom aims to build an “AI Research Resource” by mid-2024 as part of Sunak’s plan to make the country an AI tech hub. The government is reportedly sourcing chips from makers NVIDIA, Intel and AMD — and it is understood that the science funding body UK Research and…

Multichain Bridges Experience Unannounced Token Outflows of Over $130M in Crypto

With information hard to come by, some crypto projects began informing their communities Thursday that they were unaffected by the “potential exploit” of Multichain. “As of right now, Abracadabra is not affected by the possible Multichain exploit, we are investigating with the involved parties to learn more,” the team behind Magic Internet Money stablecoin wrote in the project Discord. Source

Indian law enforcement accuses WazirX exchange of aiding in laundering of $130M

India’s Enforcement Directorate (ED), the agency responsible for financial crimes, is looking at cryptocurrency exchanges suspected of processing transactions that sent more than 10 billion rupees, or about $130 million, from firms under investigation to international wallets. At least ten crypto exchanges are allegedly involved, according to an official who spoke to The Economic Times, and bank accounts of exchange WazirX have been frozen, the newspaper reported. Transactions of up to 1 billion rupees, or $1.3 million, were allegedly made in the names of people with no connections to the…

Leading Solana NFT Marketplace, Magic Eden Raises $130M After Reaching $1.6B Valuation

The leading NFT marketplace on the Solana network, Magic Eden, has raised a total of $130 million in a Series B funding round. This funding round was co-led by Electric Capital and Greylock. The seeding round, announced on Tuesday, values the platform at $1.6 billion, making it level with Series B of OpenSea, the top Ethereum NFT marketplace. OpenSea is already valued at $13 billion after its Series C round, which was announced earlier this year. The leading Solana NFT marketplace disclosed that it plans to use the funds raised…

Solana NFT Marketplace Magic Eden Raises $130M at $1.6B Valuation

“We know that NFTs are the best way to bring people onto the blockchain,” Jack Lu, CEO of Magic Eden, said in a statement. “NFTs are exciting, social and cultural experiences that bring connectivity to the world. We’ve made the conscious decision to support both our creators and users through this tremendous era of growth for both the company and the industry.” Source

Animoca Brands Leads $130M Investment in Venture Accelerator Brinc for Web 3 Expansion

Venture accelerator Brinc closed a $130 million funding round, led by NFT and metaverse investor Animoca Brands. Brinc closed a $30 million Series B and a further $100 million for startup investments, the company said. The funds will be used to aid Brinc’s expansion into new locations and Web 3, which includes blockchain-focused programs in decentralized finance (DeFi), gaming and more. Metaverse refers to an immersive digital world created by the combination of virtual reality, augmented reality and the internet, while DeFi is a blanket term that refers to financial…