A judge in the Eastern District of New York dismissed the ME token class action lawsuit against Euclid Labs, the operating entity of Magic Eden, and co-founder Zhuoxun Yin. The plaintiff accuses the platform of promoting the cross chain and repurchase empowerment of ME tokens, which later transformed into a gambling platform, resulting in a price drop of over 98%. The judge determined that the wallet terms signed by the user contained valid class action exemption clauses, and the court lost jurisdiction over the subject matter based on the Class Action Fairness Law, ruling that Zhuoxun Yin lacked personal jurisdiction. This judgment only applies to the defense stage, and other defendants such as CEO Jack Lu are still on the litigation list.
