U.S. court dismisses ME token class action against Magic Eden operator

A U.S. court has dismissed a class action over the ME token against Magic Eden operator Euclid Labs and co-founder Zhuoxun Yin. The court said the wallet terms of service signed by users contained a valid class action waiver, stripping federal court jurisdiction over the case under the Class Action Fairness Act, and added it also lacked personal jurisdiction over Yin. The ruling applies only at the pleading stage. Plaintiffs had previously argued that the Magic Eden platform advertised the ME token as including cross-chain and buyback features, but later turned into a gambling platform, sending the token down more than 98%.