Cere Network co-founder Fred Jin and the company's board are facing a $100 million lawsuit, accused of orchestrating a "pump-and-dump" scheme and misappropriating investor funds. The lawsuit, filed by former employee and investor Vivian Liu in a San Francisco federal court, alleges that Jin and his associates violated token lock-up commitments by secretly selling over $41 million worth of tokens immediately after their listing, transferring the proceeds to personal wallets. The suit also claims Jin misused company funds for high-risk crypto trading and collaborated with convicted market maker Gotbit to inflate trading volumes using bots to mask fraudulent activities. Previously, co-founder Kenzi Wang also sued Jin for allegedly misappropriating $58 million in company assets.