Magic Eden and Executives Sued on June 16 Over ME Token Misrepresentation Claims

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According to Foresight News, on June 16, Magic Eden and executives Jack Lu, Zhuoxun Yin, Sidney Zhang, and Zhuojie Zhou were sued in the U.S. District Court for the Eastern District of New York. Plaintiffs Jaime Pagan, Ariel Ruano, and Chris Sadowski accused the defendants of making false statements in promoting the ME token, marketing it as a "pillar of a growing online asset market" while failing to deliver on promises, causing investors significant financial losses. Defendants also include Euclid Labs Inc., the operating entity of Magic Eden, and the ME Foundation. The case has been formally filed.
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