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- On-Chain Analysis of Gala by Bubblemaps
On-Chain Analysis of Gala by Bubblemaps
The Shady Wallet Movements Of The Two Gala Co-Founders
The recent legal battles between Gala Games' co-founders, Eric Schiermeyer and Wright Thurston, have cast a shadow over the project's success. The CEO of Bubblemaps, Nicolas Vaiman, explores the accusations and allegations made by both co-founders of Gala by tracking their wallet activity.
The crypto industry is expanding in all areas, including the gaming sector. Projects like Axie Infinity, The Sandbox, or Gala have gained widespread success with millions of users. But is the management of these projects up to the challenges?
In early September, Gala made headlines in the crypto news. Its co-founders, Eric Schiermeyer and Wright Thurston, engaged in a legal battle, accusing each other of stealing millions of dollars.
GALA: A Showdown at the Summit of Web 3 Gaming!
Gala is a pioneer in the world of web 3 gaming, considered a safe bet by many investors. The project experienced rapid success during the 2021 bull run, allowing it to look ahead with confidence.
However, to everyone's surprise, it was recently revealed that the two co-founders are at war, accusing each other of the worst allegations. Legal documents have been made public: over 200 pages of lawsuits detailing the respective accusations of both parties. In the ecosystem, no one could keep up. With Bubblemaps, these 200 pages can be summarized in a few screenshots. Follow us in this demonstration:
The lawsuits state that Gala Games transferred 20 billion of its tokens to 100 corporate wallets for security reasons. Both co-founders had full access to the wallets, and there was no multi-sig system. (Note: a multi-sig wallet in the crypto context is a digital wallet requiring multiple signatures or approvals to authorize a transaction, providing enhanced security)
Schiermeyer accuses Thurston of transferring, on February 3, 2021, 8.6 billion GALA tokens from 43 of these corporate wallets to his own wallets.
On the other hand, Thurston accuses Schiermeyer of a similar action, transferring 11.3 billion GALA tokens to his own wallets.
These manipulations by the two co-founders emptied the 100 project wallets to transfer them to their personal wallets. In total, these two individuals owned 78% of the GALA V1 tokens. Can we still talk about decentralization?!
In May 2023, the V2 of the Gala token was launched, promising more security and utility. It seems that Schiermeyer carried out this migration to oust Thurston, who did not benefit from the airdrop.
However, one question remains: how much of the GALA V2 supply is still under Schiermeyer's control?