Svmuu News: On June 16, the U.S. District Court for the Eastern District of New York filed a class-action lawsuit against Magic Eden. Plaintiffs Jaime Pagan, Ariel Ruano, and Chris Sadowski allege that Magic Eden and its executives made false statements while promoting the ME token, marketing it as “a pillar of the growing online asset market,” but failed to deliver on their promises, resulting in significant financial losses for investors. The defendants include Magic Eden co-founders Jack Lu, Zhuoxun Yin, Sidney Zhang, and Zhuojie Zhou, as well as Magic Eden’s operating entity, Euclid Labs Inc., and the ME Foundation. The case has now been formally filed.