2023-09-08
Gala Games, the platform known for its play-to-earn games, is caught up in a legal showdown between its co-founders.
Wright Thurston and Eric Schiermeyer, the brains behind Gala Games, have filed lawsuits against each other. Thurston alleges the theft of around $130 million worth of Gala tokens, while Schiermeyer claims corporate waste.
Schiermeyer, who's also Gala's CEO, says Thurston moved GALA tokens to a company-controlled wallet but later shifted them into 43 other wallets, selling them through intricate transactions. Thurston contends the sold GALA belonged to him.
Thurston is accused of snatching licenses to operate Gala ecosystem nodes, selling them, and pocketing the profits. On the flip side, True North, Thurston's company, says Schiermeyer mismanaged Gala, lent company funds to himself, and created Gala entities without Thurston's input.
Both co-founders are pushing to remove each other from Gala, and lawsuits are flying around. Despite Founders' legal battle, Gala Games assures business is going as usual.
Following Grayscale's recent legal victory against the SEC, it's likely that the SEC will have to approve several spot Bitcoin exchange-traded fund (ETF) applications. Grayscale's win highlighted inconsistencies in the SEC's treatment of futures-based and spot Bitcoin ETFs.
The court ruled that the SEC's denial of Grayscale's proposal was unjustified, given the similar risks in both markets. This could lead to a more level playing field for spot Bitcoin ETFs. Several asset managers, including Grayscale, have pending applications.
The delay in decisions, now expected in mid-October, suggests the SEC might approve multiple spot Bitcoin ETFs simultaneously. This could benefit investors with more competitive ETF fees. However, experts believe spot Bitcoin ETFs won't radically change the crypto market. Their advantages over futures ETFs are seen as marginal.
Ethereum co-founder Vitalik Buterin has sold his remaining 500 MakerDAO tokens, receiving about $580,000 worth of ETH in return.
This move comes after MakerDAO co-founder Rune Christensen's blog post about plans to re-implement the project on a new blockchain called NewChain that could be forked from the Solana blockchain. The potential move to Solana's codebase is seen as a significant shift from Ethereum's Solidity.
Christensen sees Solana as promising due to its technical quality, ecosystem resilience, and successful past forks. MakerDAO's NewChain could act as a bridge between Ethereum and Solana, boosting the multichain economy.
Reliance Industries, led by India's richest man Mukesh Ambani, is diving into blockchain and digital rupee services ahead of India's central bank digital currency (CBDC) launch.
Ambani announced this at the company's annual general meeting. Their subsidiary, Jio Financial Services (JFS), will lead the charge. JFS aims to offer both traditional and innovative financial services while exploring blockchain and CBDCs.
Reliance Retail, another arm of Reliance Industries, already accepts digital rupees. While JFS is set to become a key player in India's Web3 space, government regulations may shape its journey.
India's CBDC journey is progressing steadily, with plans to onboard 1 million users by expanding its use cases and privacy features. Keep an eye on this evolving financial landscape!
As always, we would love to hear your feedback! Please let us know your thoughts about our content, along with any suggestions for improvement through our Twitter account or Telegram channel.
Stay tuned for announcements of upcoming online events such as CryptoZombies Live Workshops and special guest online meetups.
Follow us on Twitter @CryptoZombiesHQ or signup to our mailing list or start a free course @ https://cryptozombies.io.
Learn to Code Blockchain DApps by Building Simple Games
Open Chat