Binance co‑founder Yi He sounded the alarm on social media this week after an alleged impersonator using the name “Zhu Pan” purportedly tried to scam her and — according to Yi — even posed as her in an attempt to target Tron founder Justin Sun. Yi’s Chinese‑language posts on X urged users to be cautious and spread awareness; Sun replied “Absolutely true,” appearing to back her account.
The warning reignited a separate controversy after a widely shared Chinese post linked Zhu Pan to crypto derivatives platform CoinUp. That claim circulated across Chinese crypto channels and prompted an official response from CoinUp: the platform said Zhu Pan “is not a member of the CoinUp platform and does not participate in core operational management or related work.” CoinUp added that tying one individual’s past actions or rumors directly to the platform was an inaccurate interpretation. The company also confirmed a project associated with Zhu Pan was listed on the exchange, but said the person was not involved in CoinUp’s core operations and did not indicate any delisting or punitive action.
Public details about Zhu Pan are scarce and contested. Chinese outlet Pencil News previously linked someone by that name to the 2018 ZJLT ICO, which later attracted investor complaints and fraud allegations — charges the person reportedly denied. With no court records, platform logs, or law‑enforcement findings publicly available, those older claims remain unresolved and difficult to verify.
The episode highlights two recurring problems in crypto: how quickly old accusations or project histories can resurface when high‑profile figures call out potential scams, and how platform reputations can be dragged into those disputes. In this case, Yi He’s post and Justin Sun’s confirmation amplified the story, forcing CoinUp to publicly defend itself.
Market impact: CoinUp also addressed recent volatility in CPX, its native token. On‑chain tracker Lookonchain reported CPX hit a new intraday high above $0.829 last Friday before sharp swings. CoinUp said the volatility appeared linked to concentrated selling pressure, that it was investigating causes, and that it had found no signs of hacking, data breaches or system weaknesses.
Why this matters
- Impersonation and social‑engineering scams are increasingly common and costly in crypto. Regulators and newsrooms have repeatedly flagged schemes that rely on fake identities and cloned branding.
- A recent Canadian case saw a man plead guilty in a $13 million crypto fraud built on impersonation tactics, underscoring how effective these methods can be.
Practical takeaways for users
- Verify any surprising claims via official channels (platform websites, verified social accounts, public statements).
- Treat private messages, out‑of‑band referrals, and requests to move conversations to Telegram/WhatsApp with extra suspicion.
- Watch for copied branding, cloned exchange UIs, or pressure to act immediately — common red flags for impersonation scams.
Bottom line: The CoinUp–Zhu Pan dispute is still unresolved, but it’s a useful reminder that even brief social‑media warnings from industry figures can snowball into reputational and market effects. Confirm facts through verifiable sources before acting on rumours or private solicitations.
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