The class action does not touch securities law, the plaintiff team is quite interesting, and the "core" narrative of the ME token, looking back now, is full of pitfalls.

A class action has been filed against Magic Eden in the U.S. District Court for the Eastern District of New York. Plaintiffs Pagan, Ruano, and Sadowski allege that the defendants made misleading statements in promoting the ME token, presenting it as the core token supporting the growth of the online asset marketplace, but multiple promises were not fulfilled or were delayed, causing investor losses. Defendants include Magic Eden co-founders, Euclid Labs, and the ME Foundation. This case does not assert securities law claims but seeks relief under New York consumer protection law, negligent misrepresentation, and unjust enrichment.