Executive Legal Troubles Emerge
Crypto infrastructure platform Cere Network is embroiled in legal battles, as co-founders and board members face a $100 million lawsuit. Plaintiffs accuse them of orchestrating a 'pump and dump' scheme, allegedly defrauding investors of millions of dollars.
Token Sales Under Scrutiny
According to the lawsuit, Fred Jin and others violated lock-up agreements after the token sale, secretly offloading $41 million worth of tokens into personal wallets, undermining investor trust and project integrity.
Market Manipulation Allegations
The complaint also claims that the accused coordinated with market makers and deployed bots to fabricate trading volumes, concealing their exit strategy and misleading the market.
Repeated Legal Setbacks
This marks the second major lawsuit against Cere Network this month. Previously, a co-founder sued Jin for allegedly misappropriating over $58 million in company assets, further destabilizing the project.
Token Value Plummets
Since its peak in November 2021, the CERE token has lost approximately 99.9% of its value, signaling a severe loss of investor confidence and market skepticism.