According to a newly filed federal complaint, investors allege Cere Network insiders misled backers on token lockups, adoption, and readiness, then sold large token holdings after the 2021 ICO, causing a severe price collapse.
Investors have filed a $100 million lawsuit in U.S. federal court against Cere Network founder Fred Jin and other insiders, alleging fraud, racketeering, and deceptive practices tied to the 2021 CERE token sale. The complaint claims executives misrepresented token lockups, customer adoption, and technical readiness, while insiders allegedly sold tens of millions of dollars in tokens shortly after launch. Plaintiffs seek $25 million in compensatory damages and $75 million in punitive damages, citing a price drop of more than 99% from CERE’s peak.