On June 23, Binance co-founder He Yi posted on X, saying that CoinUp operator Zhu Pan had impersonated someone else in an attempt to scam her, but the attempt failed. He Yi also said that Zhu Pan impersonated herself to scam Sun Yuchen. He Yi further said that Zhu Pan used AI-generated content to impersonate major families in mainland China and Hong Kong, as well as prominent crypto exchanges, to carry out fraud, and has remained actively active. On the same day, CoinUp released an official statement saying that Zhu Pan is not a member of the CoinUp platform.
He Yi’s post: Zhu Pan previously impersonated others to defraud her, and also impersonated her to scam Sun Yuchen
Based on He Yi’s posts on X, the accusations she raised include: Zhu Pan impersonated someone else and attempted to scam her, but failed; Zhu Pan impersonated her (i.e., He Yi) to scam Sun Yuchen; Zhu Pan used AI-generated content to impersonate various major families and major exchanges to carry out scams; and there is a continuously active WeChat account impersonating CZ.
All of the above are He Yi’s personal statements. As of the time of reporting, CoinUp and Zhu Pan have not yet provided public responses to all of the allegations one by one.
CoinUp official statement: Zhu Pan is not a platform member; CPX price swings driven by concentrated sell pressure
On June 23, 2026, CoinUp released an official statement. The main points are as follows:
· Zhu Pan is not a CoinUp platform member and does not participate in the platform’s core operation and management work. Her role is as the project sponsor/representative of a project that was listed on a CoinUp platform;
· The short-term large fluctuations in the CPX/USDT trading pair are mainly due to concentrated sell pressure on the market side. The platform is conducting further investigations and verification;
· The platform has not suffered a hacker attack, data intrusion, or exploitation of system vulnerabilities. Users’ asset security and account data integrity are intact, and deposits/withdrawals and trading functions are operating normally;
· The platform opposes using labeling such as “running away with funds” and “scams,” and reserves the right to pursue relevant responsibilities according to law.
“Web3 Old Wu”’s historical description of Zhu Pan: the 2018 ZJLT incident and starting out with the BeeCool community
Crypto opinion leader “Web3 Old Wu” posted on X, saying that Zhu Pan rose to prominence in her early years by relying on the huge user traffic of the BeeCool community. In 2018, after operating ZJLT fundraising of hundreds of millions, it ended up at zero, causing losses for a large number of investors. After that, she went into hiding for many years, then built the CoinUp exchange and repeated the same playbook, operating through models such as node dividends to recruit people. The above is “Web3 Old Wu”’s personal description, and Zhu Pan has not issued a public response to this.
FAQ
Have He Yi’s accusations been verified through independent channels?
As of the time of reporting, all of He Yi’s related accusations are statements made by her personally on X. They are personal public statements and have not been independently verified by Binance’s official bodies, law enforcement agencies, or other independent media. CoinUp has issued an official statement regarding Zhu Pan’s identity and the CPX volatility, but it has not responded point-by-point to the specific allegations that Zhu Pan impersonated He Yi to scam Sun Yuchen.
What exactly does CoinUp’s statement that Zhu Pan is “not a platform member” mean?
According to CoinUp’s official statement, Zhu Pan’s identity is “the project sponsor/representative of a project listed on a CoinUp platform,” and she is not an internal employee of CoinUp or a core person in operation and management. CoinUp said that its core business, user assets, risk control systems, and product services are all managed independently by the CoinUp team. Linking Zhu Pan’s individual behavior directly to CoinUp’s main entity by external parties is an inaccurate interpretation.
What is the latest explanation for the short-term large fluctuations in the CPX/USDT trading pair?
According to CoinUp’s official statement, the short-term large fluctuations in CPX/USDT are mainly due to concentrated sell pressure on the market side. The platform is conducting further investigations and verification and promises to update users as the investigation progresses. The investigation results stated by CoinUp show that the platform has not been subjected to a hacker attack and that user assets are secure. However, as of the time the statement was issued, the specific cause of the volatility had not yet been conclusively determined.
