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Magic Eden and multiple executives face class-action lawsuit, accused of misrepresenting ME token promotion causing investor losses.

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ME News - June 30 (UTC+8), 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 allege that Magic Eden and its executives made false statements in promoting the ME token, marketing it as "the backbone of a growing online asset market," but failed to deliver on their promises, causing significant financial losses to investors. Defendants include Magic Eden co-founders Jack Lu, Zhuoxun Yin, Sidney Zhang, Zhuojie Zhou, as well as Euclid Labs Inc. (the operating entity of Magic Eden), the ME Foundation, and others. The case has now been officially filed. (Source: Foresight News)
ME-4.26%
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