Cere Network (CERE)

Cere Network CEO Fred Jin and Lime co‑founder Brad Bao have been named as defendants in the United States’ second federal RICO civil lawsuit. The latest case was filed by investor Josef Qu in the Northern District of California federal court, seeking $57 million; previously plaintiffs including Goopal Digital had filed a $100 million lawsuit, bringing the total claims to $157 million. The lawsuit alleges that Cere Network made misleading statements to investors regarding token issuance, allocation, and use of funds, involving securities fraud, RICO and related violations. The allegations have not yet been adjudicated by the court. (FinanceFeeds) https://t.co/11DVOP2uMA

According to FinanceFeeds, Lime co‑founder Brad Bao was listed as a defendant by the U.S. Northern District of California federal court, involving a $100 million federal RICO lawsuit. The indictment accuses Cere Network CEO Fred Jin and others of conducting a crypto fraud by pumping the token and selling it, stating that the project promised a lock‑up arrangement before its 2021 ICO, but on the day of listing transferred large amounts of tokens to exchanges such as HTX and KuCoin and sold them, with the implicated amount around $41.78 million. The Cere token peaked at $0.47 on the listing day, then fell to $0.06, and is now about $0.0012, a drop of over 99% from its peak. The plaintiff also alleges that the parties moved funds through shell companies and multiple wallets and engaged in fake trading volume. The plaintiff seeks $100 million in compensation. https://t.co/85kLS8bf7v