Investors have filed a $100 million lawsuit in U.S. federal court against individuals and entities tied to Cere Network, a San Francisco-based blockchain data storage project, alleging fraud, racketeering and a large-scale token dump following its 2021 initial coin offering.
The complaint, filed Tuesday, names Fred Jin, described as Cere’s founder and “ringleader,” along with other defendants accused of misleading investors about the project’s business prospects, token lockups and customer adoption.
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Cere Network positions itself as a decentralized cloud data platform designed to allow secure data collaboration across blockchain and traditional systems.
According to the lawsuit, Jin pitched Cere as a blockchain-native alternative to traditional cloud storage, backed by a proprietary crypto asset known as Cere Token, which would be
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