Binance co-founder Yi He has publicly warned crypto users about an alleged scammer named Zhu Pan, prompting the crypto derivatives exchange CoinUp to deny reports linking the individual to the platform.
The controversy emerged after a Chinese-language post circulated on X alleging connections between CoinUp and Zhu Pan. The claims quickly gained traction within crypto communities, leading both Yi He and CoinUp to respond.
FYI：朱潘还用AI生成内容冒充中国和香港的各大家族以及币圈主要交易所行骗，另微信里还有一个冒充CZ的一直很活跃，请大家谨防上当受骗⚠️
— Yi He (@heyibinance) June 23, 2026
Who Is Zhu Pan?
Details surrounding Zhu Pan remain unclear, with conflicting accounts circulating across Chinese crypto circles.
In a post on X, Yi He alleged that Zhu Pan had impersonated multiple people in attempted scams. She further claimed the individual posed as her in an effort to deceive Tron founder Justin Sun.
Sun later appeared to confirm the allegation, responding that Yi He’s account was “absolutely true.”
Zhu Pan has also been linked by some reports to the ZJLT initial coin offering (ICO). This 2018 crypto project later drew criticism from investors following losses and allegations of fraud. According to Chinese media outlet Pencil News, Zhu Pan denied being a founder or operator of the project.
CoinUp moves to deny claims suggesting Zhu Pan role
CoinUp pushed back against claims suggesting Zhu Pan plays a role within the exchange.
In a statement released Tuesday, the company said Zhu Pan is not a member of the platform and has no involvement in its core operations or management. While acknowledging that the individual is associated with a project listed on CoinUp, the exchange said that relationship does not make him part of the company.
CoinUp argued that linking Zhu Pan’s personal activities, past projects or market rumors directly to the exchange creates a misleading narrative about its business.
Why Is CoinUp addressing CPX volatility?
Beyond the allegations, CoinUp also addressed recent price movements involving its native token, CPX.
The token surged to a record high above $0.829 last week before experiencing sharp volatility. CoinUp attributed the swings to concentrated selling pressure and said it is investigating the source of the market activity.
The exchange added that an internal security review found no signs of hacking, data breaches or system vulnerabilities.
The allegations shows how quickly allegations and impersonation claims can spread across the crypto industry, Binance had recently denied a report that cited anonymous sources claiming the exchange dismissed investigators who allegedly uncovered potential Iranian sanctions breaches, calling the allegations “categorically false” and stating that no employees were fired for raising compliance concerns.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads and CoinMarketCap Community for seamless access to high-quality industry insights
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics.
