The post Cere Network Hit With Second Lawsuit Alleging Fraud appeared on BitcoinEthereumNews.com.

Update (Jan 29, 10:30 a.m. UTC): This article has been updated to correct the name of the plaintiff. The co-founder and board of crypto infrastructure platform Cere Network are facing a $100 million lawsuit that alleges a pump-and-dump scheme tied to the project’s 2021 token launch. In a lawsuit filed in a San Francisco federal court on Tuesday, Vivian Liu, who said she worked for and invested in the company, claimed Cere co-founder Fred Jin, his brother, his wife, and the company’s board stole $41 million from investors. According to the lawsuit, Jin promised ahead of a public token launch for the platform in November 2021 that he and early Cere investors could not sell their tokens and that they would be unlocked months later. “While certain employees and investors had their Cere Tokens ‘locked’ under the vesting schedule, Jin and his accomplices secretly sold over $41 million in Cere Tokens on various crypto exchanges and transferred these funds into their personal wallets immediately after the tokens went ‘live,’” the complaint alleged. A highlighted excerpt of Vivian Liu’s complaint accusing Cere co-founder Fred Jin of fraud. Source: PACER The complaint is the second lawsuit against Cere Network this month, after Cere co-founder Ken Wang sued Jin and the board on behalf of the company in Delaware on Jan. 13, similarly alleging fraud.  Cointelegraph contacted Cere Network and Jin for comment. Latest complaint seeks $100 million in damages Liu’s lawsuit accused Jin of stealing investor funds “originally slated for Cere Network’s operations” and moving the money into shell companies and accounts he and his alleged accomplices controlled while gambling millions of dollars in “risky crypto trades.” She also claimed that Jin worked with Gotbit, a market maker convicted of fraud and market manipulation in June, to use “sophisticated internet ‘bots’” that…

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Filed under: News - @ January 29, 2026 11:26 pm