Yi He warns of impersonator; CoinUp denies ties

Binance co-founder Yi He wrote on X on Monday that an impersonator using the name “Zhu Pan” had posed as her in a failed attempt to scam Tron founder Justin Sun. Sun later described He’s account as “absolutely true.” Requests for comment to Binance were not answered before publication.

CoinUp issued a public statement on Tuesday distancing the platform from the individual named in social posts. The company wrote, “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 exchange acknowledged the person is linked to a project listed on its platform but rejected claims that the individual’s past actions or market rumours should be treated as equivalent to CoinUp’s corporate operations. CoinUp added it would continue investigations into any ties between listed projects and third parties while monitoring market activity.

CoinUp also addressed recent volatility in its native token CPX. On-chain data showed CPX reached levels above $0.829 last Friday. The company attributed sharp price swings to concentrated selling pressure, said it is investigating the cause and reported a security review found no evidence of hacking, data breaches or system vulnerabilities.

Public information about the person known as “Zhu Pan” remains limited and contested. Some Chinese-language reports have linked the name to a 2018 initial coin offering called ZJLT, a project that later drew investor complaints and fraud allegations. Individuals named in those reports have denied founding or operating that project.

The episode circulated quickly in Chinese crypto communities and on social media, prompting scrutiny of claims that connect individuals to exchanges and listed projects. CoinUp said it will keep monitoring market movements and examine any further links between third parties and projects on its platform.