Magic Eden Is Sued Over Its $ME Token by the Firm Behind the Pump.fun Cases

A class action in New York federal court accuses Magic Eden's parent Euclid Labs and its founders of promoting the $ME token with utility promises that were delayed or abandoned.

Magic Eden Is Sued Over Its $ME Token by the Firm Behind the Pump.fun Cases A class action in New York federal court accuses Magic Eden's parent Euclid Labs and its founders of promoting the $ME token with utility promises that were delayed or abandoned. Aaron Rafferty June 30, 2026 Key Takeaways Burwick Law, the firm behind the Pump.fun cases, filed a class action over Magic Eden's $ME token in New York federal court. The suit accuses parent company Euclid Labs and four founders of promoting $ME with utility promises that were delayed or abandoned. It pleads no securities claims, relying instead on New York consumer-protection law, negligent misrepresentation, and unjust enrichment. Magic Eden is facing a class action lawsuit over its $ME token, filed by Burwick Law , the same firm that brought the high-profile cases against memecoin platform Pump.fun. The complaint, filed June 16 in the U.S. District Court for the Eastern District of New York, names Magic Eden's corporate parent Euclid Labs, the ME Foundation, and four co-founders, including chief executive Jack Lu. Three named buyers say the company promoted $ME with assurances that the token would carry real use across an expanding digital-asset platform, and that many of those features either arrived late or never arrived at all. The multi-chain promise Central to the case is Magic Eden's pitch that $ME would power a marketplace spanning multiple blockchains. Plaintiffs say that promise unraveled in February 2026, when the company announced it would refocus on Solana and wind down its Bitcoin and Ethereum marketplace operations. Euclid Labs raised about $157 million from investors including Paradigm, Sequoia, and Greylock at a $1.6 billion valuation, and the suit argues buyers paid for utility the c