Cere Network co-founder and board face $100M lawsuit over token sales

Cere Network is facing a second lawsuit this month that accuses its co-founder and board of fraud in relation to a public token launch for the platform in 2021.

The co-founder and board of crypto infrastructure platform Cere Network are facing a $100 million lawsuit that alleges a pump-and-dump scheme tied to the project’s 2021 token launch.

In a lawsuit filed in a San Francisco federal court on Tuesday, Vivian Liu, who said she worked for and invested in the company, claimed Cere co-founder Fred Jin, his brother, his wife, and the company’s board stole $41 million from investors.

According to the lawsuit, Jin promised ahead of a public token launch for the platform in November 2021 that he and early Cere investors could not sell their tokens and that they would be unlocked months later.