A Pattern Alleged Across Ventures
According to Goopal and Liu, Liu met Jin in 2019 and joined Cere after being promised a return on her investment and profits tied to the Cere token.
Throughout her involvement, Jin allegedly misrepresented lock-up provisions, claimed Cere had multiple Fortune 500 clients, and assured her that investor funds would be used to develop the platform.
Instead, the suit claims Jin followed a familiar script.
“Unbeknownst to plaintiffs,” the complaint says, Jin allegedly engaged in a recurring pattern of launching ventures, raising funds under false pretenses, extracting insider value, and abandoning the enterprise.
Plaintiffs say the pattern began with mobile gaming company Funler in 2015, continued with education blockchain platform Bitlearn in 2017, and resurfaced with Cere Network in 2019.
Token Transfers and Price Collapse
On the day of the ICO, Cere tokens were allegedly transferred to HTX Exchange and KuCoin Exchange, then sold through accounts controlled by Jin and his associates through Dec. 31, 2021.
Plaintiffs allege the total proceeds reached $41.78 million, which were then routed through intermediate wallets and laundered.
The Cere token hit an all-time high of 47 cents on launch day. According to the complaint, aggressive insider selling caused the price to plunge from $0.45 to $0.06 within weeks.
Today, the token trades at roughly $0.0012, representing a 99.7% collapse from its peak.
“In other words,” the suit states, “the Cere Token is utterly worthless.”
