Magic Eden and several executives hit with class action lawsuit, accused of misleading promotion of ME token

Odaily News A class action lawsuit against Magic Eden was accepted by the U.S. District Court for the Eastern District of New York on June 16. Plaintiffs Jaime Pagan, Ariel Ruano, and Chris Sadowski allege that Magic Eden and its executives made false statements when promoting the ME token, marketing it as a "pillar of a growing online asset marketplace" while failing to deliver on those promises, causing significant financial losses to investors. The defendants include Magic Eden co-founders Jack Lu, Zhuoxun Yin, Sidney Zhang, and Zhuojie Zhou, as well as the operating entity Euclid Labs Inc., the ME Foundation, and others. The case has been officially filed.