Magic Eden scare puts 3,832 NFTs in whitehat protective custody
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Magic Eden and several executives are facing a class-action lawsuit, accused of misrepresenting the ME token and causing losses to investors.
According to Foresight News , the U.S. District Court for the Eastern District of New York accepted a class-action lawsuit against Magic Eden on June 16. Plaintiffs Jaime Pagan, Ariel Ruano, and Chris Sadowski allege that Magic Eden and its executives made false statements in promoting the ME token, touting it as a "growing pillar of the online asset market," but failed to deliver on these promises, resulting in significant financial losses for investors. Defendants include Magic Eden co-founders Jack Lu, Zhuoxun Yin, Sidney Zhang, and Zhuojie Zhou, as well as Euclid Labs Inc. (the operating entity of Magic Eden) and the ME Foundation. The case has been formally accepted.
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