Verify a decision

{"actor":"system:backfill","investigation_id":"4991dfd1-1833-4d76-9cf6-f0ef98dcf786","kind":"publish","page_slug":"gala","published_at":"2026-05-20T15:27:00.491Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Gala","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.bitstamp.net/en-gb/learn/cryptocurrency-guide/what-is-gala-games/"},{"credibility":3,"name":"","type":"other","url":"https://naavik.co/digest/gala-games/"},{"credibility":3,"name":"","type":"other","url":"https://www.coingecko.com/en/coins/gala"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://decrypt.co/154848/gala-games-co-founders-sue-each-other-alleging-corporate-waste-130-million-theft"},{"credibility":3,"name":"","type":"other","url":"https://cryptoslate.com/gala-games-co-founders-clash-in-opposing-lawsuits-seeking-130m-600m-in-damages/"},{"credibility":3,"name":"","type":"other","url":"https://cointelegraph.com/news/gala-games-founders-sue-court-token-theft-corporate-waste"},{"credibility":3,"name":"","type":"other","url":"https://blockworks.com/news/gala-games-founders-legal-battle"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.sec.gov/litigation/litreleases/2023/lr25659.htm"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/policy/2023/03/06/sec-accuses-utah-based-green-united-of-running-18m-crypto-mining-scam"},{"credibility":3,"name":"","type":"other","url":"https://cryptoslate.com/gala-games-co-founders-clash-in-opposing-lawsuits-seeking-130m-600m-in-damages/"},{"credibility":3,"name":"","type":"other","url":"https://caselaw.findlaw.com/court/us-dis-crt-d-uta/116514899.html"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://news.gala.com/gala-games/incident-report-unauthorized-token-minting-blockchain-game-partners-inc/"},{"credibility":3,"name":"","type":"other","url":"https://www.halborn.com/blog/post/explained-the-gala-games-hack-may-2024"},{"credibility":3,"name":"","type":"other","url":"https://beincrypto.com/gala-games-exploit-hacker-mints-214-million/"},{"credibility":3,"name":"","type":"other","url":"https://etherscan.io/token/0xd1d2eb1b1e90b638588728b4130137d262c87cae"},{"credibility":3,"name":"","type":"other","url":"https://decrypt.co/231528/gala-games-240-million-worth-tokens-swiped-exploit"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/business/2024/05/20/gaming-token-gala-drops-amid-suspect-200m-transfer"},{"credibility":3,"name":"","type":"other","url":"https://finance.yahoo.com/news/web3-gaming-firm-gala-games-053627623.html"},{"credibility":3,"name":"","type":"other","url":"https://decrypt.co/154848/gala-games-co-founders-sue-each-other-alleging-corporate-waste-130-million-theft"},{"credibility":3,"name":"","type":"other","url":"https://coinmarketcap.com/currencies/gala/"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.sec.gov/litigation/litreleases/2023/lr25659.htm"},{"credibility":3,"name":"","type":"other","url":"https://cryptoslate.com/gala-games-says-it-resolved-exploit-within-45-minutes-identified-culprit/"},{"credibility":3,"name":"","type":"other","url":"https://cointelegraph.com/news/gala-games-internal-controls-compromise-messed-up-ceo"},{"credibility":3,"name":"","type":"other","url":"https://blockworks.com/news/gala-games-founders-legal-battle"},{"credibility":3,"name":"","type":"other","url":"https://www.halborn.com/blog/post/explained-the-gala-games-hack-may-2024"}]}],"sources_used":[],"summary":"Gala Games is a blockchain gaming platform founded in 2019 by Eric Schiermeyer and Wright Thurston whose GALA token has been at the center of two major controversies: a 2023 civil lawsuit alleging Thurston stole 8.6 billion GALA tokens (~$130M) from company wallets, and a separate May 2024 smart contract exploit in which an unauthorized minter minted 5 billion tokens worth approximately $200M. Both co-founders have filed competing civil suits alleging misappropriation of hundreds of millions of dollars, while Thurston also faces an unrelated SEC fraud action over a separate crypto mining venture.","timeline":[{"date":"2019-01-01","event":"Gala Games (Blockchain Game Partners, Inc.) founded by Eric Schiermeyer and Wright Thurston","source":""},{"date":"2021-02-01","event":"Alleged unauthorized transfer of 8.6 billion GALA tokens from company wallets by Wright Thurston, per Schiermeyer's later lawsuit","source":""},{"date":"2021-11-26","event":"GALA token reaches all-time high of approximately $0.84, peak market capitalization in billions of dollars","source":""},{"date":"2022-02-01","event":"Gala Games introduces Project GYRI / GalaChain, an independent Layer-1 blockchain for the ecosystem","source":""},{"date":"2022-09-01","event":"Alleged liquidation of stolen GALA tokens begins; Thurston allegedly sells via Coinbase and Kraken through 43 wallets, per lawsuit","source":""},{"date":"2022-12-31","event":"GALA price has declined over 97% from its all-time high, closing year around $0.017","source":""},{"date":"2023-03-03","event":"SEC files fraud charges against Wright Thurston and Green United LLC for alleged $18M crypto mining scam unrelated to Gala","source":""},{"date":"2023-05-31","event":"Alleged liquidation of stolen GALA tokens ends, per Schiermeyer lawsuit; Thurston alleged to have netted approximately $130M","source":""},{"date":"2023-08-31","event":"Eric Schiermeyer and Wright Thurston each file civil lawsuits against the other in U.S. District Court for the District of Utah; Schiermeyer seeks $130M+ recovery, Thurston seeks $750M","source":""},{"date":"2023-09-04","event":"GALA token drops approximately 18.5% on the week as public reporting on the dual lawsuits triggers market FUD","source":""},{"date":"2024-05-20","event":"External attacker mints 5 billion GALA tokens via compromised minter private key; sells ~600M tokens for ~$21-29M on Uniswap; GALA drops ~20% intraday","source":""},{"date":"2024-05-20","event":"Gala Games freezes exploited wallet within 45 minutes; CEO Schiermeyer states 'We messed up our internal controls' and confirms FBI and DOJ engagement","source":""},{"date":"2024-08-01","event":"Utah District Court denies True North / Thurston motion for preliminary relief that would have replaced Schiermeyer as CEO","source":""},{"date":"2026-04-30","event":"Gala community vote approves disinflationary tokenomics update with fee-sharing and permanent token burns","source":""}]},"v":1}