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A class action lawsuit has been filed in a New York court against Magic Eden, the project’s founders, and Euclid Labs.
Allegations: defrauding buyers of the ME token.
At the token’s launch in December 2024, the idea of ME’s real utility was actively promoted: it would work across different blockchains, enable users to participate in platform governance, generate income from the project’s profits, and include a token buyback.
In reality, after February 2026, Magic Eden dropped support for other networks and focused only on Solana (#SOL). Many promised features were either significantly delayed or heavily scaled back. ME fell by 99% from its peak price.