Magic Eden (ME)

This is a much bigger story than the $ME token If ME loses, the entire crypto industry's GTM playbook becomes a liability The plaintiffs in the case are reportedly seeking damages under New York consumer protection law (though I haven't seen the filed complaint yet) That distinction matters more than it sounds Securities law needed an investment contract for a complaint. Consumer law just needs a buyer who relied on what they were told. Which means: - Roadmaps become promises - Discord hype becomes a representation - Founder AMAs become advertising claims i.e. every project that promised utility and delivered a chart going to zero is now a potential target

at the peak, Magic Eden was processing $756.5M in monthly NFT volume. it was the biggest NFT marketplace. even proceeded to launch a token, $ME. $ME reached a market cap of around $1.6B. today,it’s down roughly 99.7% from ATH. stakers barely get anything whenever there’s rev share now, it is facing a proposed federal class action. complaints cut across: > governance launched late > revenue sharing came later than expected > staking rewards fell short of expectations > trading rewards became seasonal > also the $ME claim wallet was shut down the plot twist here is that one of the plaintiffs used to work at Magic Eden. what’s even more surprising, is how quiet things have become. for a project that once dominated NFTs, you’d expect to see more product expansion. more experimentation. it just doesn’t have the same momentum it once had. i’ll be observing closely and see where this goes.

Magic Eden's problems are piling up. A class action alleges investors were promised governance, rewards, buybacks, and real utility for $ME that never arrived. Meanwhile, Ordinals OG and solana:dog1viwbb2vWDpER5FrJ4YFG6gq6XuyFohUe9TXN65u creator @LeonidasNFT claims Magic Eden shut down its Ordinals marketplace and paid mid-tier $ETH influencers to FUD Ordinals. Bullish, bearish, or done with Magic Eden? Let us know. 👇

The U.S. District Court for the Eastern District of New York has accepted a class action lawsuit against Magic Eden. Plaintiffs Jaime Pagan, Ariel Ruano, and Chris Sadowski allege that Magic Eden and its executives made misleading statements when promoting the ME token, portraying it as a core token supporting the rapidly growing online asset market, but numerous promised features were not delivered or were significantly delayed, causing investors to suffer losses. Defendants include Magic Eden co-founders Jack Lu, Zhuoxun Yin, Sidney Zhang, Zhuojie Zhou, as well as operating entities Euclid Labs Inc., ME Foundation, among others. The lawsuit does not claim securities law violations but is filed under New York consumer protection statutes, negligent misrepresentation, and unjust enrichment claims. https://t.co/TMnZaPamdP

Do we now know why $ME is 99% down? There are bad charts and then there's Magic Eden's chart. > The MC has fallen from $500M at launch to $34M > On a monthly timeframe, $ME has only given a positive return twice since launch (those too being less than 5%). Very difficult for Magic Eden to come back from this now.

GM 🟧 It’s that time of the month again - get ready to claim your 10 cents for staking $ME 💀😂 FYI looks like a class action lawsuit has been filed against @MagicEden recently in New York. It’s happened almost exactly 1 year after Magic Eden was hit with cease-and-desist by Trump family for their plans to launch TRUMP WALLET 😁 smh Will be interesting to see how this goes since, if I’m not mistaken, US citizens are not allowed to use Magic Eden and technically weren’t supposed to be able to claim airdrop. Guess they’ll focus on users who bought on CEXs. 👀 Check out quoted post below for more details ⬇️ 🔸 If you’re looking for info on Oridnals / Runes / Rare Sats visit @Tragic_Eden

#ME $ME The coin gave a 9% profit. Then a stop loss, and after that it shot up. Congratulations to those who stayed in, 17% profit. And to those who exited, may you find better elsewhere, God willing. https://t.co/1ukqZPtARX