A U.S. court dismissed a class action lawsuit filed against Euclid Labs, the operator of Magic Eden, and co-founder Zhuoxun Yin, regarding ME tokens. The court explained, "Since the wallet terms of service signed by users include a valid class action waiver clause, the federal court has lost jurisdiction over the case under the Fair Class Action Act. Furthermore, there is no personal jurisdiction over Zhuoxun Yin." This ruling applies only to the pleading stage. Previously, the plaintiffs claimed that the Magic Eden platform advertised that ME tokens included cross-chain and buyback features, but it later transformed into a gambling platform, causing the token price to plummet by over 98%.
