Binance’s Yi He Flags Alleged Impersonation Scam, CoinUp Denies Involvement

Binance co-founder Yi He has publicly warned users about an alleged scammer and impersonator referred to as “Zhu Pan,” saying the individual attempted to misuse her identity in what she described as failed scam attempts. The warning quickly escalated into an exchange-level reputational dispute after a widely shared Chinese-language post suggested crypto derivatives platform CoinUp was connected to the same person.

CoinUp later responded, stating that Zhu Pan is not part of the platform and does not take part in core operations or management. The back-and-forth highlights how rapidly social media allegations can draw exchanges and prominent industry figures into claims that are difficult to verify in real time.

Key takeaways

• Yi He used X to warn users about an alleged impersonation attempt involving “Zhu Pan,” asking for broader awareness.
• A Chinese-language post claimed CoinUp was linked to Zhu Pan; CoinUp disputed the allegation in a formal statement.
• CoinUp says Zhu Pan is not a CoinUp member and does not participate in core operational management.
• CoinUp also pointed to possible concentrated selling pressure behind recent volatility in its token (CPX) and said its security review found no hacking or breach evidence.

Yi He’s warning and the wave of impersonation claims

Yi He posted on X on Monday, urging users to spread awareness about an individual she said had impersonated her. She referenced the person as “Zhu Pan” and claimed the alleged impersonation was tied to scam attempts. Her post linked the warning to a broader need for users to be cautious about accounts or messages that appear to come from high-profile figures.

The comments gained traction after another widely shared Chinese-language post alleged that CoinUp was somehow associated with Zhu Pan. CoinUp later challenged that narrative, stating the allegations were being connected to the exchange entity in a misleading way.

CoinUp distances itself from Zhu Pan

In its Tuesday response, CoinUp said Zhu Pan is not a member of the CoinUp platform and does not work in core operational management or related tasks. The exchange’s statement directly contested the implication that the alleged impersonation activity reflected internal ties to CoinUp.

CoinUp also pushed back on the way the claim was framed. The company said that associating Zhu Pan’s personal actions, past project experiences, or market rumors directly with the CoinUp platform entity is an inaccurate interpretation.

This distinction matters because crypto market reputational risk often spreads faster than verification. When users interpret social media allegations as proof of organizational involvement, exchanges can be pulled into controversy even if they have limited or no operational relationship with the individuals being discussed.

Unclear identity, disputed background, and prior controversy

Public information about “Zhu Pan” appears limited and contested, with different versions of the story circulating in Chinese-language crypto communities.

According to a report by Chinese outlet Pencil News, an individual identified as Zhu Pan had previously been linked to the 2018 ZJLT initial coin offering project. That project later faced investor backlash over losses and accusations of fraud. The same report says the person reportedly denied being a founder or operator of the project.

Separately, Yi He alleged that Zhu Pan impersonated her in an attempt to scam Tron founder Justin Sun. Sun later said in a response on X that Yi He’s account was “absolutely true.” The exchange of claims between high-profile accounts underscores the challenge for observers: even when prominent individuals speak out, the originating facts behind an alleged impersonator can remain difficult for outsiders to confirm quickly.

CoinUp token volatility: selling pressure and security review

Beyond the dispute over alleged identity links, CoinUp addressed market questions tied to its native token (CPX). The exchange said recent sharp price swings were related to concentrated market selling pressure, and it indicated it was investigating the cause of the volatility.

CoinUp also said that its security review found no evidence of hacking, data breaches, or system vulnerabilities. In other words, while traders may have been reacting to rapid moves in CPX, CoinUp is not attributing those moves to an alleged compromise of its infrastructure, at least based on its internal findings.

The token’s volatility is also reflected in external tracking: Lookonchain reported that CPX posted all-time highs above $0.829 last Friday. However, CoinUp’s response focused on trading dynamics—specifically concentrated selling—rather than pointing to technical issues.

What to watch next

As the dispute continues, traders and users will likely focus on whether CoinUp and Yi He can provide verifiable details that separate confirmed impersonation activity from broader rumor. The immediate risk is reputational—misattributed links can spread quickly—while the longer-term question is how exchanges document and communicate relationships tied to alleged individuals, especially when social media narratives outrun official verification.