Cere Network co-founders and board face $100 million lawsuit over token sale

According to Cointelegraph, the co-founder and board member of the cryptocurrency infrastructure platform Cere Network is facing a $100 million lawsuit, with the plaintiffs accusing them of executing a "pump and dump" scheme that allegedly stole tens of millions of dollars from investors.

The plaintiffs allege that co-founder Fred Jin and others violated lock-up commitments after the public offering of the platform's tokens, secretly selling $41 million worth of tokens and transferring the funds to personal wallets. The lawsuit also claims that they collaborated with market makers to use bots to fake trading volumes to cover up their actions. This is the second lawsuit Cere Network has faced this month. Previously, another co-founder filed a lawsuit on January 13, accusing Jin of misappropriating over $58 million in company assets. Currently, the price of the CERE token has dropped approximately 99.9% from its all-time high in November 2021.