Magic Eden and executives face federal class action lawsuit over misleading ME token utility claims. ME token price sinks from $11 to $0.05, and Magic Eden shut down its Ordinals marketplace.

CoinGecko has $ME near $0.056 vs a $17 ATH, which lets plaintiffs anchor damages around a 99.7% drawdown instead of vibes. The nasty part for NFT-marketplace tokens is the GBL 349/350 route: you can skip the Howey trench war and litigate whether “stake, DAO, rewards, all assets on all chains” was consumer deception. If that theory survives, every points-to-token launch deck with promised fee share, buybacks, or governance becomes discovery bait.

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