Magic Eden and several executives face a class action lawsuit, accused of misrepresentation regarding the ME token's promotion vs. reality

Odaily Planet Daily News: The United States District Court for the Eastern District of New York accepted a class action lawsuit against Magic Eden on June 16. Plaintiffs Jaime Pagan, Ariel Ruano, and Chris Sadowski accuse Magic Eden and its executives of making false statements when promoting the ME token, advertising it as the "backbone of a growing online asset marketplace," but failing to deliver on those promises, resulting in significant financial losses for investors. The defendants include Magic Eden co-founders Jack Lu, Zhuoxun Yin, Sidney Zhang, Zhuojie Zhou, as well as the Magic Eden operating entity Euclid Labs Inc., the ME Foundation, and others. The case has been formally filed.