Lime co-founder Brad Bao has been named as a defendant in a $100 million federal RICO lawsuit filed in the Northern District of California. The lawsuit accuses Cere Network CEO Fred Jin and others of conducting a crypto scam through a pump-and-dump scheme involving token sales. The complaint alleges that prior to the 2021 ICO, promises were made regarding token lock-up arrangements, but on the day of listing, a large number of tokens were transferred to exchanges like HTX and KuCoin and sold, involving approximately $41.78 million. The Cere token, which peaked at $0.47 on its launch day, has since plummeted to $0.0012, a drop of over 99% from its peak. The plaintiffs also accuse the defendants of using shell companies and layered wallets to move funds and engaging in wash trading. The lawsuit seeks $100 million in damages.