Class action lawsuit targets Magic Eden over unmet $ME token promises.

Magic Eden faces a class action lawsuit alleging it misled investors about the $ME token's promised multi-chain utility and governance features, which never materialized. The lawsuit, filed in June 2026, claims these failures caused the token's value to plummet by about 99% since its December 2024 launch. Plaintiffs seek class status for all $ME token buyers, accusing Magic Eden and its founders of failing to deliver on their roadmap. No response from Magic Eden has been reported yet.