Cere Network Co-founders and Board of Directors Sued for $100 Million Alleging Token Issuance Fraud

January 29 — Cere Network, a decentralized data cloud platform, is facing new legal scrutiny. A recent complaint filed in San Francisco federal court accuses co-founder Fred Jin, his family and board members of orchestrating a pump-and-dump scheme during the 2021 token public offering, illegally siphoning investor funds and seeking up to $100 million in damages. Plaintiff Vivian Liu— a Cere employee and investor— alleges Jin promised his and early investors’ tokens would remain locked for months post-launch. In reality, Jin and his associates secretly dumped over $41 million in CERE tokens across multiple exchanges right after the token went live, then transferred the funds to personal wallets. This marks Cere’s second lawsuit this month. On January 13, co-founder Kenzi Wang sued Jin and the board on the company’s behalf in Delaware Chancery Court, claiming systematic misappropriation of over $58 million in company assets— disguised via fraudulent accounting, shell entities and wash trading. The latest complaint also charges Jin with colluding with Gotbit, a market maker convicted of market manipulation, to use trading bots to inflate volume and conceal fraudulent activity. CERE’s token price has plummeted roughly 99.9% from its November 2021 peak. Cere Network and Fred Jin have not yet responded to the allegations.