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Gala Games Assures ‘Business as Usual’ Despite Founders’ Legal Battle

by Blockchain NewsSeptember 6, 2023

Key Takeaways

Gala Games co-founder and CEO, Eric Schiermeyer, files a derivative shareholder lawsuit against co-founder Wright Thurston and True North United Investments, LLC.

Wright Thurston countersues Eric Schiermeyer.

The company emphasizes that the legal disputes are primarily between the founders and do not involve the company in a substantive way.

Gala Games pledges transparency and accountability to its community throughout the legal process.

Eric Schiermeyer, co-founder and CEO of Blockchain Game Partners, Inc., commonly known as Gala Games, Gala Music, and Gala Film, has filed a derivative shareholder lawsuit against fellow co-founder Wright Thurston and True North United Investments, LLC. The lawsuit was filed on August 31, 2023, and was followed by a counter lawsuit from Wright Thurston against Eric Schiermeyer. As reported by Blockchain.News, Gala Games co-founders Eric Schiermeyer and Wright Thurston are embroiled in mutual lawsuits, with Schiermeyer accusing Thurston of misappropriating $130 million in GALA tokens, while Thurston faces a separate lawsuit from the SEC for alleged fraudulent activities.

A derivative shareholder lawsuit is a legal action initiated by a shareholder on behalf of a corporation to redress perceived wrongs against the company. The ongoing litigation has raised questions and concerns within the Gala community.

Company’s Stance

In a communication disseminated by Gala Games’ General Counsel, Blake Walker, the firm reaffirmed its “steadfast dedication to openness and responsibility” amid the ongoing legal matters. Walker also clarified that the core of the dispute is between the co-founders, rather than involving the company in a significant manner.

Business Operations Continue

Despite the legal turmoil, Gala Games remains confident in its positioning and future prospects. The company stated, “Gala will continue to thrive and achieve sustained success.” Gala Games is known for its focus on innovation and has a diverse portfolio that includes gaming, music, and film projects. According to the statement, these projects “advance with enthusiasm,” and the company anticipates forthcoming releases that are “poised to captivate audiences.”

Community Support

Gala Games has pledged to keep its stakeholders informed as the legal actions evolve. “Your ongoing support is the lifeblood of our enterprise,” said Blake Walker, reiterating the company’s commitment to its community.

Legal Restraints

Due to the active status of the case, Gala Games is legally restrained from making public comments or speculations concerning the ongoing litigation. The company has stated that it will allow the legal process to unfold in its entirety, adhering to the principles of justice and due process.

Image source: Shutterstock

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Coinbase vs SEC: Legal Battle Heats Up

by Blockchain NewsMay 4, 2023

Coinbase, the largest US-based cryptocurrency exchange, has been embroiled in a legal battle with the US Securities and Exchange Commission (SEC) over regulatory clarity for trading digital assets. On May 4th, Coinbase’s chief legal officer Paul Grewal announced that the US Court of Appeals for the Third Circuit has responded to the complaint against the SEC, marking a significant development in the ongoing legal battle.

The court’s response was a text-only order, instructing the SEC to respond to Coinbase’s writ of mandamus within ten days. A writ of mandamus is a court order that compels an inferior government official to fulfill their official duties properly. The court also granted Coinbase the right to file a reply to the SEC’s response within seven days of the filing.

Coinbase filed a lawsuit in April, requesting that the court compel the SEC to publicly disclose its stance on a petition submitted several months prior. The petition posed 50 specific questions about the regulatory treatment of certain digital assets, covering topics such as how tokens are classified as securities and seeking clarification on various other matters.

Despite the lack of public response to the petition, the SEC has increased enforcement and issued warnings to crypto exchanges. The commission has even issued a Wells notice to Coinbase in the past, warning the company that the SEC may follow with an enforcement action.

Due to the ongoing regulatory issues faced by the company, US investment bank Citigroup has downgraded the shares of the crypto exchange from “buy” to “neutral,” and has also lowered its price target. The bank has cited “too many unknowns” as the reason for this downgrade. According to Citi analyst Peter Christiansen, the downgrade will remain in place until the regulatory “rules of the road” are better established in the United States.

The legal battle between Coinbase and the SEC highlights the need for greater regulatory clarity in the cryptocurrency industry. While the industry has seen rapid growth in recent years, the lack of clear guidelines from regulatory bodies has led to confusion and uncertainty for businesses and investors alike. As the battle between Coinbase and the SEC continues, it remains to be seen how the regulatory landscape for digital assets will evolve in the United States and beyond.

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Tagged : Coinbase / Cryptocurrency / LEGAL BATTLE / News / Regulatory Clarity / SEC

Bored Ape Yacht Club wins legal battle, Mandala Metaverse selects Polkadot, Square Enix partners with Elixir Games, and Cricket Stars launches on Tezos

by Blockchain NewsApril 22, 2023

Bored Ape Yacht Club (BAYC) creators Yuga Labs have scored a key win in their long-running court battle with Ryder Ripps, the co-creator of copycat NFT project RR/BAYC. Yuga Labs initially filed a complaint against Ryder Ripps and co-founder Jeremy Cahen back in July 2022, alleging that the duo had engaged in trademark infringement, false advertising, and unfair competition, among other things. In a pre-trial summary judgment ruling on April 21, a U.S. district court in central California found that Ripps and Cahen had infringed Yuga Lab’s trademarks with their RR/BAYC NFT collection. The Court further ruled that Yuga Labs is entitled to an injunction and damages, the latter of which will be determined at trial. The case highlights the importance of protecting intellectual property rights in the burgeoning NFT market.

In other news, Mandala Metaverse has chosen Polkadot to host its first major NFT drop on April 28. Mandala Metaverse is a story-based project that has content spanning across TV, graphic novels, gaming, and AR. Its gaming elements have been developed in Epic Game’s Triple-A quality Unreal Engine. The drop, called the “Cryptonauts,” features different avatars that will serve as playable characters in the game. The artwork was illustrated by comic artist Bruce Zick, who has worked on projects for giants such as Disney and Marvel. The decision to take the Cryptonauts NFTs to Polkadot is a significant development for the platform, which is not traditionally known for hosting gaming and NFT projects. The move underscores the potential of Polkadot’s future-proof NFT applications and its ability to offer innovative ways to use NFT assets.

In addition, Square Enix has partnered with Web3 infrastructure firm Elixir Games to bring blockchain gaming to the mainstream. The move was announced on April 19, but specific details on the partnership are sparse at this stage. Elixir Games hosts both traditional and Web3 games on its platform, and also offers Web3 distribution features for its partnered games, such as NFT sales and marketplaces. As such, Square Enix will likely take advantage of those features when launching games via Elixir. This partnership is a significant development for the blockchain gaming industry, as it brings the mainstream gaming industry closer to the world of Web3.

Finally, a free-to-play multiplayer NFT cricket strategy game called “Cricket Stars” has been launched on the Tezos blockchain. The game is being led by Tezos India, an organization that focuses on developing projects on Tezos, in partnership with esports game publisher GoLive Games. The game offers player cards that can be used to affect the game or traded on the marketplace. It also offers player vs player modes, knockout tournaments, and esports tournaments. Despite the name, no licensing deals with actual cricket stars appear to be in place. The launch of Cricket Stars on the Tezos blockchain is a positive development for the platform, as it highlights the versatility of the technology in the gaming industry.

Overall, the developments in the NFT and blockchain gaming space are indicative of a growing interest in Web3 technologies. The Bored Ape Yacht Club legal victory is a significant win for the NFT market, as it reinforces the need for creators to protect their intellectual property rights. The launch of the Cryptonauts NFT drop on Polkadot highlights the platform’s potential for future-proof NFT applications. The Square Enix and Elixir Games partnership brings blockchain gaming closer to mainstream gaming. Finally, the launch of Cricket Stars on Tezos highlights the versatility of blockchain technology in the gaming industry and its potential for broader adoption.

As Web3 technologies continue to evolve and mature, it is likely that we will see more significant developments in the NFT and blockchain gaming space. The integration of these technologies into mainstream industries, such as gaming and entertainment, is an exciting development that could have far-reaching implications for the future of digital content creation and distribution. As more creators and developers experiment with these technologies, it is likely that we will see new and innovative use cases emerge that push the boundaries of what is possible with NFTs and blockchain gaming.

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Tagged : Blockchain Gaming / Bored Ape Yacht Club / CRICKET STARS / ELIXIR GAMES / LEGAL BATTLE / MANDALA METAVERSE / News / NFT / Polkadot / SQUARE ENIX / Tezos