Cere Network co-founders and board of directors face a $100 million lawsuit over token sale.

PANews reported on January 29 that, according to Cointelegraph, the co-founders and board members of cryptocurrency infrastructure platform Cere Network are facing a $100 million lawsuit. The plaintiffs accuse them of carrying out a "pump and dump" scam, stealing tens of millions of dollars from investors.

The plaintiffs allege that co-founder Fred Jin and others violated their lock-up commitments after the platform's token public offering in 2021, secretly selling $41 million worth of tokens and transferring the funds to personal wallets. The lawsuit also alleges that they collaborated with market makers and used bots to fabricate trading volume 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 13th, accusing Jin of misappropriating over $58 million in company assets. Currently, the price of the CERE token has fallen by approximately 99.9% from its all-time high in November 2021.