Cere Network co-founder and board sued for $100 million over token sale

The co-founder and board members of Cere Network, a cryptocurrency infrastructure platform, are facing a $100 million lawsuit on suspicion of a "pull up shipment" scam. The plaintiff accuses co-founder Fred Jin and others of violating their lock up commitment after the 2021 platform token public offering, secretly selling tokens worth $41 million and transferring funds into personal wallets, while cooperating with market makers to use bots to falsify trading volume and cover up their behavior. This is the second time Cere Network has been sued this month. On January 13th, another co-founder accused Jin of misappropriating company assets exceeding $58 million. At present, the price of the CERE token has fallen by about 99.9% from its historical high in November 2021.