Why did Binance co-founder Yi He issue a warning about Zhu Pan?

Binance co-founder Yi He said an individual referred to as Zhu Pan allegedly impersonated her during scam attempts. Yi He urged users to remain cautious and help spread awareness about the alleged impersonation activity.

What does CoinUp say about its relationship with Zhu Pan?

CoinUp stated that Zhu Pan is not involved in the platform's management or core operations. The company said he is associated with a project listed on the platform but does not participate in running the exchange.

How is Justin Sun connected to the allegations involving Zhu Pan?

Justin Sun was mentioned after Yi He alleged that Zhu Pan attempted to impersonate her in a scam targeting him. Sun later stated that Yi He's account of the incident was accurate.

What has CoinUp said about recent CPX token volatility?

CoinUp said recent volatility in its CPX token was caused by concentrated market selling pressure. The company added that its investigation found no evidence of hacking, data breaches or system vulnerabilities.

Why has the dispute attracted attention in the crypto industry?

The allegations involve high-profile figures and a crypto trading platform, increasing scrutiny of project affiliations and reputational risks. The incident also highlights how unverified claims on social media can quickly affect market perception and public trust.

Image for illustrative purposes only. Not a real photo.

Binance warning prompts CoinUp clarification

Written by Heidi Cuthbert Published Jun 24, 2026, 2:19 AM

Binance co-founder Yi He warned users about an alleged impersonator known as "Zhu Pan".
CoinUp issued a statement denying that the individual is involved in the platform's management or operations.
The dispute highlights reputational risks facing crypto firms when allegations spread through social media.

Binance co-founder Yi He warned users about an alleged scammer and impersonator known as "Zhu Pan", prompting crypto derivatives platform CoinUp to publicly distance itself from the individual.

The warning followed widely shared Chinese-language social media posts alleging links between CoinUp and Zhu Pan, claims that the exchange subsequently rejected.

“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,” said CoinUp.

Yi He alleged that the individual had impersonated her during failed scam attempts, including an alleged effort to deceive Justin Sun, who later stated that her account of the incident was accurate.

CoinUp acknowledged that Zhu Pan is associated with a project listed on its platform but said he has no operational role within the exchange, while the company also stated it was investigating recent volatility in its CPX token and found no evidence of security breaches or system vulnerabilities.

According to reports cited in the article, a person identified as Zhu Pan was previously linked to the 2018 ZJLT initial coin offering project, although he reportedly denied being a founder or operator of the venture.

The episode highlights how allegations circulating on social media can quickly affect exchanges, token projects and industry figures, particularly when information about individuals and project affiliations remains disputed or unclear.