A U.S. federal judge reportedly dismissed a class-action lawsuit against operators of Magic Eden over its ME token on October 1, 2026. An earlier account identified the defendants as Magic Eden operating entity Euclid Labs and co-founder Zhuoxun Yin, and said the case also named CEO Jack Lu and other defendants. Plaintiffs alleged that Magic Eden promoted ME for cross-chain functionality and token buybacks before shifting into a gambling platform, after which the token price fell more than 98%. That account said the court found users had accepted wallet terms containing a class-action waiver, which removed subject-matter jurisdiction under the Class Action Fairness Act, and separately found it lacked personal jurisdiction over Zhuoxun Yin. The latest reported outcome has not been independently matched to publicly available court filings, so the specific court, docket, written reasoning, prejudice status and plaintiffs' rights to amend or appeal remain unconfirmed. Magic Eden launched ME in late 2024 across Solana, Bitcoin, Ethereum and Base as a governance, utility, loyalty and rewards token. The ruling does not resolve separate potential regulatory scrutiny of token issuers or marketplace operators.