Cere Network Faces $100M Fraud Allegations in Investor Lawsuit

Investors allege that Cere Network orchestrated a $100 million fraud and token-dumping scheme following its 2021 ICO, leading to significant price drops.

Investors have leveled serious allegations against Cere Network, claiming that the company was involved in a fraudulent scheme amounting to $100 million. A lawsuit has been filed accusing insiders of offloading substantial amounts of tokens shortly after the initial coin offering (ICO) in 2021.

The plaintiffs argue that these actions led to a drastic decline in token prices, nearly wiping out their value. The timing of the token sales, according to the lawsuit, coincided with a significant drop in market prices, suggesting a calculated effort to profit at the expense of other investors.