A U.S. federal court in the Eastern District of New York accepted a class-action lawsuit against Magic Eden on June 16, alleging false statements in the promotion of the ME token. According to Foresight News, plaintiffs Jaime Pagan, Ariel Ruano, and Chris Sadowski claim Magic Eden and its executives misrepresented the token while marketing it as a key part of a growing online asset marketplace.
The complaint alleges the defendants failed to deliver on related promises, resulting in significant financial losses for investors.
Named defendants include Magic Eden co-founders Jack Lu, Zhuoxun Yin, Sidney Zhang, and Zhuojie Zhou, as well as Euclid Labs Inc., identified as the operating entity of Magic Eden, and the ME Foundation.
The report said the case has been formally filed.
Magic Eden Faces Class-Action Lawsuit in New York Federal Court Over Alleged ME Token Misstatements
2026-06-30 02:23:56
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