TL;DR
- Binance co-founder Yi He warned users about an alleged impersonator known as Zhu Pan, saying the individual had impersonated her in failed scam attempts.
- CoinUp denied that Zhu is part of its platform or core management, while acknowledging he is linked to a project listed there at present.
- CoinUp also addressed CPX volatility, citing concentrated selling pressure and saying a security review found no hacking, data breaches or system vulnerabilities.
Binance co-founder Yi He has pushed a crypto impersonation dispute into the open after warning users about an alleged scammer known in Chinese-language posts as “Zhu Pan.” Her warning on X said the individual had impersonated her in failed scam attempts and urged users to spread awareness. The alert quickly pulled CoinUp into the discussion because a widely shared post alleged links between the exchange and Zhu. The uneasy takeaway is that one impersonation claim forced a platform-level denial, showing how fast identity risk can become reputational risk in crypto.
扩散。朱潘曾经冒充其他人来诈骗我未遂，还冒充我去诈骗孙哥。
— Yi He (@heyibinance) June 23, 2026
CoinUp responded by distancing itself from Zhu, saying he is not a member of the platform and does not participate in its core operations, management or related work. The company said directly associating his personal actions, past project experience or market rumors with CoinUp was an inaccurate interpretation. Yet the clarification carried its own complication: CoinUp acknowledged that the individual is linked to a project listed on its platform. That means the dispute sits in a gray zone between listing relationships and operational control, exactly where crypto users often struggle to separate fact from rumor.
CoinUp Clarification Follows Token Volatility
The person referred to as Zhu Pan remains difficult to pin down publicly. Chinese-language crypto communities have circulated different accounts, including prior claims linking someone identified as Zhu Pan to the 2018 ZJLT initial coin offering project, which later drew investor backlash over losses and fraud accusations. Zhu reportedly denied being a founder or operator of that project. Yi He also alleged that Zhu impersonated her while trying to scam Tron founder Justin Sun, and Sun later said her account was true. In practical terms, the identity question remains contested but damaging.
CoinUp’s clarification arrived alongside volatility in CPX, its native utility and ecosystem token. The token reportedly reached all-time highs above $0.829 last Friday before sharp swings raised pressure on the exchange to explain what was happening. CoinUp said the volatility came from concentrated market selling pressure and that it was investigating the cause. The company also said a security review found no evidence of hacking, data breaches or system vulnerabilities. For users, the CoinUp response tries to separate market stress from security failure, but the broader lesson is that scam allegations, token swings and platform trust now collide almost instantly online globally today.
