Cere Network co-founder, 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 have been hit with a $100 million lawsuit claiming they undertook a pump-and-dump scheme that stole millions of dollars from investors.
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.