Headline: Binance co‑founder Yi He flags impersonator “Zhu Pan” as CoinUp rejects any ties — CPX price swings under review
Binance co‑founder Yi He took to X in Chinese this week to warn users about an alleged impersonator using the name “Zhu Pan.” Yi said the individual had tried to impersonate others to carry out scams, and had even posed as her in an attempt to target Tron founder Justin Sun. Sun responded to Yi’s post with a brief endorsement — “Absolutely true” — amplifying the alert to a wider audience.
The warning followed a viral Chinese‑language post that linked “Zhu Pan” to CoinUp, a crypto derivatives trading platform. That claim prompted CoinUp to issue a public denial: 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 said, adding that associating someone’s personal actions, past projects or market rumors directly with the platform is an inaccurate interpretation.
CoinUp acknowledged the person was connected to a project listed on its platform, but stressed that connection did not mean involvement in CoinUp’s core operations. The exchange did not say it had delisted the project or taken other action against the individual. CoinUp also said recent CPX token volatility appears tied to concentrated selling pressure and that its investigation found no evidence of hacks, data breaches or system weaknesses.
Public information about the person called Zhu Pan is limited and contested. Chinese outlet Pencil News previously linked a person by that name to the 2018 ZJLT ICO, which later attracted investor complaints and fraud allegations; the report said the individual denied being the project’s founder or operator. Without court filings, platform records or verified law‑enforcement statements, those earlier claims remain unresolved.
This episode illustrates how historical project disputes can flare up again when prominent figures raise alarms. Yi He’s post and Sun’s quick confirmation pushed a Chinese‑language disagreement into broader scrutiny, creating an exchange reputation issue that CoinUp moved to counter publicly.
Market impact was tangible: on‑chain tracker Lookonchain reported CPX hit a new high above $0.829 last Friday before later volatility. CoinUp blamed concentrated selling for the swings and said it is continuing to probe the cause.
The situation also highlights a growing trend of impersonation and social‑engineering scams in crypto. Recent cases include a Canadian man who pleaded guilty in a $13 million crypto fraud that relied on impersonation tactics. Industry guides warn common red flags: fake exchanges, cloned branding, and pressure to move conversations to private messaging apps like Telegram or WhatsApp.
Takeaway for users: verify claims through official channels, be skeptical of unsolicited messages or referrals, and treat market rumors cautiously until confirmed by platform statements or authorities.
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