The co-founder and board members of cryptocurrency-linked data cloud company Cere Network have been hit with a sweeping federal lawsuit accusing them of orchestrating a secretive pump-and-dump scheme that allegedly siphoned more than $41 million from investors and employees.
Filed Tuesday in California federal court, the lawsuit paints a picture of a crypto venture that promised decentralization and trust — then allegedly collapsed under insider profiteering.
Allegations of a Coordinated Token Sell-Off
In a 41-page complaint, investor Vivian Liu and her firm Goopal Digital Ltd. accuse Cere Network founder Fred Jin, along with his wife, brother, associates, board members and affiliated shell entities, of manipulating the Cere token market while misappropriating company funds.
The plaintiffs allege they were lured into working for and investing in Cere Network under false pretenses, only to watch insiders quietly cash out while others were locked out.
Cere Network was promoted as a decentralized data cloud platform built on blockchain technology, designed to enhance privacy and security for customer data.
