Eric Zhu, a blockchain engineer for the Game Coin (GME) project, has settled fraud claims with the US Securities and Exchange Commission (SEC) over allegations of orchestrating a rug pull scheme that defrauded investors in the GME token. The SEC claims that Zhu misappropriated $553,000 from investors and sold tokens causing a 12% decline in GME price. Zhu will pay $823,000 if the court approves the settlement. This could be one of the last cases handled by the SEC in Gary Gensler's term as the commission's chair. Meanwhile, Donald Trump's nomination for a new SEC Chairman who is sympathetic to the crypto cause has sparked optimism in the crypto industry, with Bitcoin's price surging by over 50% in the last 90 days.



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