Magic Eden and executives face class action lawsuit alleging that ME token promotion does not match reality

The Federal District Court for the Eastern District of New York accepted a class action lawsuit against Magic Eden on June 16th. The plaintiffs Jaime Pagan, Ariel Ruano, and Chris Sadowski accuse Magic Eden and its executives of making false statements in promoting the ME token, resulting in financial losses for investors. The defendants include Jack Lu, Zhuoxun Yin, Sidney Zhang, Zhuojie Zhou, co founders of Magic Eden, as well as Euclid Labs Inc. and the ME Foundation. The case has been officially filed.