Binance co-founder Yi He has publicly warned users about an alleged scammer and impersonator known as “Zhu Pan,” triggering a formal response from crypto derivatives platform CoinUp, which moved to distance itself from the individual.
Yi He speaks out on X
She posted on X on Monday, identifying “Zhu Pan” as someone who had allegedly impersonated her in failed attempts to scam people, and urged followers to spread awareness. The post was made in response to a widely circulated Chinese-language X post alleging that CoinUp was operationally connected to the same individual, a claim CoinUp later disputed.
Yi He also alleged that “Zhu Pan” had attempted to scam Tron founder Justin Sun by impersonating her. Sun subsequently confirmed on X that Yi He’s account of the incident was “absolutely true.”
Cointelegraph contacted Binance for further comment on the allegations and the identity of “Zhu Pan” but received no response before publication.
Who is Zhu Pan?
Publicly available information about the individual remains scarce and contested across Chinese-language crypto communities. According to a report by Chinese outlet Pencil News, a person identified as Zhu Pan was previously connected to the 2018 ZJLT initial coin offering project, which later attracted investor backlash over losses and fraud accusations. Zhu reportedly denied being a founder or operator of that project.
CoinUp denies operational ties
In a statement posted on X on Tuesday, CoinUp flatly rejected any operational connection to the accused individual.
“Zhu Pan is not a member of the CoinUp platform and does not participate in core operational management or related work for the CoinUp platform,” the company said.
CoinUp did acknowledge, however, that the individual is linked to a project listed on its platform. The exchange warned against conflating that listing with any broader affiliation, stating: “Associating his personal actions, past project experiences, or market rumors directly with the CoinUp platform entity constitutes an inaccurate interpretation.”
CPX token volatility addressed
CoinUp also responded to questions surrounding sharp price moves in its native utility token, CPX. The token reportedly hit an all-time high above $0.829 last Friday, according to onchain analytics platform Lookonchain.
The exchange attributed the subsequent volatility to concentrated market selling pressure and said it was actively investigating the root cause. A security review found no evidence of hacking, data breaches, or system vulnerabilities, the company added.
