PANews June 30 news, Magic Eden and its executives were hit with a class-action lawsuit on June 16 in the U.S. District Court for the Eastern District of New York over alleged misrepresentations in the promotion of the ME token. Plaintiffs accuse the defendants of marketing the ME token as "the backbone of a growing online asset marketplace" but failing to deliver on promises, causing significant financial losses to investors. Defendants include Magic Eden co-founders Jack Lu, Zhuoxun Yin, Sidney Zhang, Zhuojie Zhou, the operating entity Euclid Labs Inc., and the ME Foundation, among others. The case has now been officially filed.
Magic Eden Hit with Class Action Lawsuit, Accused of Making False Statements in ME Token PromotionMagic Eden Hit with Class Action Lawsuit, Accused of Making False Statements in ME Token Promotion
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