Three Holders of Magic Eden's $ME File Class Action Lawsuit Over Compensation Changes
Three holders of the Magic Eden token $ME have filed a class action lawsuit against Magic Eden and its co-founders, citing issues with changes to the compensation system and governance. They claim that the compensation method has shifted from $ME to a focus on USD Coin (USDC). Ben Gruenbaum, a former contributor to the Magic Eden community data analysis, stated on the 10th that long-term locked users have been affected by changes in the ecosystem. He explained that out of a fixed supply of 1 billion $ME tokens, 225 million have been allocated for active user rewards over four years, with a maximum lock-up period of four years. Magic Eden ceased support for Bitcoin and EVM marketplaces on March 9 and ended wallet service support on April 1. The compensation structure has also changed, with 15% of total revenue allocated to the $ME ecosystem starting in February, which will be used for $ME buybacks and USDC rewards for stakers. The plaintiffs argue that the utility of $ME has diminished, and the lawsuit centers on consumer protection and false advertising issues. While Magic Eden is downsizing its product line and transitioning to new business ventures, further clarification on future products and the compensation system is needed.
-- Price
This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.
You may also like

What is Fibonacci retracement? Trading Minute

Deepening Discounts on US Spot Prices, Increase in Coinbase Prime Trading Volume

Opinion: The Adoption of Cryptocurrencies in the Middle East Accelerated by Wars and Weak Currencies

Bitcoin Adoption Boosts Sales by 19%! Iconic U.S. Restaurant "Steak 'n Shake" Achieves Double-Digit Growth

Poverty in France: What Bitcoin Will Not Change

HIVE generates over 1 million daily revenue, 90% from Bitcoin mining

唐华斑竹: StableJack Completes Ecosystem Integration with GOAT Flow

August CPI to Lock In Next Week’s Hike Pricing | WEEX TradFi Daily(September 11, 2026)
Global markets on September 11 focus on August CPI. Brent crude holds $100–$107, the 10-year yield jumps first to about 4.94%, and hike odds are pushed to about 70%–74%. On September 10 ET the S&P 500 fell 0.58%, the Nasdaq 0.65% and the Dow 0.60%. Bitcoin broke below $77,000 and Ethereum slipped near $2,440; gold and silver also came under pressure. This is a liquidity squeeze, not an internal crypto blow-up. Apple shares recovered after its foldable launch, and AeroVironment bounced after hours on a beat.

WEEX Exclusive:August CPI to Lock In Next Week’s Hike Pricing | WEEX TradFi Daily(September 11, 2026)

BIT Analyst Says Fed's Pause on Rate Hikes Could Boost Q4 Crypto Market

Mintvest Sues Former Coinmint Management for Misappropriating 448.72 BTC

21Shares Analyst Says BTC Finds Support Around $77,000, Targeting $100,000

Strategy erased nearly $8 billion of net debt in 11 months and put S&P’s junk rating on the clock

Phishing Emails Impersonating BPI Employees Distributed, Official Domain is 'btcpolicy.org'

Arthur Hayes: Return of Japanese Capital and AI Debt Present Liquidity Variables

Nubank Launches Global Account with USDC and EURC

Malone Lam Pleads Guilty In $245M Bitcoin Theft Case

Tim Draper Proposes Bitcoin Holdings for Households, Businesses, and Governments

Adam Iza Sentenced to 15 Years for Kidnapping Bitcoin Thief's Parents

David Schwartz Predicts XRP Could Overtake Bitcoin by Market Cap

Bitcoin Price 46 Percent Below Model Value of €124,000

Amboss and Aureo Complete Integration, Connecting the Lightning Network with the Mexican Banking System

$5.57 Billion ETF Inflow, Altcoin Season Lacking

Osmosis Alloyed BTC Operated with 36% Collateral Shortage for 74 Days

US CPI forecast at 3.4% as tariff risks build

Bitcoin in Bear Market with a Drawdown of -52.5%

Bitcoin time-delay locks could prevent bridge bugs from causing total losses: Rootstock co-founder

Stacks Launches Genesis Bond for Bitcoin Treasuries

Bitcoin Core v30 Increases OP_RETURN Default Limit to 100,000 Bytes











