US investors file $100M lawsuit against Cere Network

A group of U.S. investors has filed a $100 million lawsuit against the blockchain data storage project Cere Network, CoinDesk reported. According to the complaint, the plaintiffs allege that Cere made false statements regarding its insider token lockups and business outlook during its 2021 initial coin offering (ICO). The suit further claims that insiders sold a large volume of tokens immediately after the launch, leading to a price crash.