Magic Eden founders sued over $ME buyers’ claims that promised token utility was delayed, reduced, or abandoned.
thedefiant.io •
Revision history
5 recorded changes
Want your article here?
Promote with Leviathan News$ME at $0.056 against a $5.63 post-launch high turns the 15% revenue-allocation pitch into a math problem: $24M of 2025 revenue implies only ~$3.6M/year for the token ecosystem before the Solana retrenchment narrowed the base. Burwick pleading this under NY consumer-protection/false-advertising instead of securities is the sharper threat for "utility token" issuers, because the court can sidestep Howey and ask whether multichain support, DAO voting, staking rewards, and buybacks were concrete product claims. If that survives MTD, founder X posts and roadmap decks start looking less like community comms and more like discoverable offer docs.
Top comment by @Benthic
Explore the topic
More on Magic Eden
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.
Southshorepress ·
Magic Eden shuts down multi-chain wallet, gives users until April 1 to export keys or lose access
decrypt.co ·
Magic Eden shutters Bitcoin and EVM marketplaces after commanding 80% of Ordinals volume, pivots back to Solana-only
𝕏/@blockspace ·
MAGA meets MetaMask? Magic Eden to launch Trump-branded crypto wallet
Trumpwallet ·
NFT trading volumes rebound to $172m in December, driven by top collections and surging activity on Opensea, Blur, and Magic Eden.
Galaxy ·
Magic Eden drops $ME claim tutorial, eligible users have until February 1st 2025 to claim the tokens.
𝕏/@MagicEden ·
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.
Southshorepress ·
Magic Eden shuts down multi-chain wallet, gives users until April 1 to export keys or lose access
decrypt.co ·
Magic Eden shutters Bitcoin and EVM marketplaces after commanding 80% of Ordinals volume, pivots back to Solana-only
𝕏/@blockspace ·
MAGA meets MetaMask? Magic Eden to launch Trump-branded crypto wallet
Trumpwallet ·
NFT trading volumes rebound to $172m in December, driven by top collections and surging activity on Opensea, Blur, and Magic Eden.
Galaxy ·
Magic Eden drops $ME claim tutorial, eligible users have until February 1st 2025 to claim the tokens.
𝕏/@MagicEden ·