Game Coin Crypto Coder Settles SEC Rug Pull Claims for $823,000

Eric Zhu settled claims he pulled the rug out from under Game Coin cryptocurrency investors, the US Securities and Exchange Commission said in a federal court filing Friday.

The blockchain engineer will fork over nearly $823,000 to the SEC if the US District Court for the Middle District of Louisiana approves the agency’s unopposed motion for final judgment. Without admitting or denying the allegations, Zhu will pay back almost $553,000 he purportedly misappropriated plus more than $120,000 in prejudgment interest and a $150,000 civil penalty.

Zhu perpetrated a fraudulent scheme from about June 2021 through at least September 2021, the …