TL;DR:
- Market crash: The native CPX token recorded a drastic drop on June 23 due to heavy, concentrated selling pressure.
- Official statement: The CoinUp exchange issued multiple statements ruling out technical issues, hacks, or security breaches in its system.
- Public allegations: He Yi, co-founder of Binance, formally accused Zhu Pan of identity theft targeting prominent figures in the sector.
On Tuesday, the price of the CPX token dropped drastically, leading the CoinUp exchange to announce potential legal actions against social media posts linking it to Zhu Pan, a figure involved in previous fraud allegations in China.
📢 Announcement on CPX Price Volatility
CPX recently experienced a brief period of abnormal market volatility. Following our review, CoinUp confirms that all platform systems are operating normally, with no security breach or attack detected. User assets remain safe and… pic.twitter.com/BQRvIij6kE
— CoinUp.io (@CoinUpOfficials) June 23, 2026
Official responses to selling pressure
The CoinUp team published detailed clarifications through its help center just a few hours after the financial incident. According to the exchange’s statement, the drop in the asset’s value was due to highly concentrated selling pressure in the spot market.
The firm’s management confirmed that its internal security audits yielded clean results. Official information indicates that the exchange did not experience cyberattacks, database leaks, or operational vulnerabilities during the day of the crash. Crypto-asset deposit, withdrawal, and trading operations remained stable for all users.
Regarding rumors about the corporate structure, CoinUp clarified the actual role of those involved. The platform operator emphasized that Zhu Pan is not part of its work team and has no say in the exchange’s business decisions. According to the company, the accused only participates as an external owner of a project listed independently on its trading interface.
Fraud allegations and institutional implications
Public questioning against the ecosystem gained momentum following statements issued by analysts in the Asian community. Data published by analyst Web3老吴 indicates that Zhu Pan managed the ZJLT project in 2018, an initiative that raised millions of yuan before its asset completely collapsed. Social media criticism suggests that CoinUp allegedly implemented similar dividend schemes and capital lockups to retain investor funds.
Official Statement Regarding Recent Rumors and $CPX Price Volatility
To our users and community members,
We have recently noticed inaccurate and misleading information circulating across certain media outlets and social platforms regarding CoinUp, recent $CPX price movements,… pic.twitter.com/GcpHenF70T
— CoinUp.io (@CoinUpOfficials) June 23, 2026
The situation grew more serious after the intervention of Binance’s top management. He Yi, co-founder of the firm, stated that Zhu Pan attempted to impersonate her identity in the past to carry out financial scams. According to the executive’s statements, this individual also cloned her digital profiles with the goal of deceiving Justin Sun, founder of the Tron network.
The Binance executive warned about the use of artificial intelligence technologies to mimic executives from major exchanges and influential families in Hong Kong. Additional reports from the businesswoman point to the active existence of fake profiles on messaging platforms attempting to recreate the identity of Changpeng Zhao.
CoinUp’s previous financial outlook showed solid metrics prior to this volatility event. In a report published in March, the exchange recorded an average daily trading volume of $3 billion. According to the report from that period, the exchange’s reserve funds were backed by a Proof of Reserves (PoR) audit certified by the security firm CER.
The company committed to disclosing the full results of the technical investigation in the shortest time possible to clarify the exact origin of the mass sell-offs.
