Written by Helen Partzstaff writerReviewed by Yohan Yunstaff writer
Written by Helen Partzstaff writer
Reviewed by Yohan Yunstaff writer
Binance’s Yi He warns of alleged impersonation scam, CoinUp denies ties
Latest NewsPublishedJun 23, 2026
Binance co-founder Yi He warns of an alleged impersonator referred to as “Zhu Pan” in Chinese-language posts as CoinUp distances itself from the individual.
Binance co-founder Yi He has warned against an alleged scammer and impersonator, prompting the crypto derivatives trading platform CoinUp to issue a statement distancing itself from the individual.
Binance’s He took to X on Monday to warn against the individual referred to as “Zhu Pan,” whom she stated had impersonated her in failed scam attempts, urging users to spread awareness.
The comments were made in response to a widely shared Chinese-language X post that alleged CoinUp was linked to the individual, claims CoinUp later disputed.
“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,” CoinUp responded in a statement on Tuesday.
The incident underscores how fast-moving social media allegations can pull exchanges and high-profile figures into disputes, amplifying reputational risk in crypto markets where project ties are often unclear.
Who is the mysterious Zhu Pan?
Public information about the individual referred to as “Zhu Pan” remains limited and disputed, with different accounts circulating in Chinese-language crypto communities.
as reported by a report by Chinese outlet Pencil News, a person identified as Zhu Pan was previously linked to the 2018 ZJLT initial coin offering project, which later faced investor backlash over losses and accusations of fraud. Zhu reportedly denied being a founder or operator of the project.
Source: Yi He
Cointelegraph contacted Binance for further comment on the allegations and identity of the individual referred to as “Zhu Pan” but did not receive a response prior to publication.
Yi He alleged that “Zhu Pan” impersonated her in an attempt to scam Tron founder Justin Sun. Sun later stated her account was “absolutely true.”
CoinUp denies operational ties and cites market selling pressure
Although CoinUp denied Zhu’s involvement in its core operations or management, the company stated the individual is linked to a project listed on its platform.
“Associating his personal actions, past project experiences, or market rumors directly with the CoinUp platform entity constitutes an inaccurate interpretation,” CoinUp stated.
Related: China pays closer attention to stablecoins as cross-border role expands
The exchange also addressed the volatility of the CoinUp token (CPX), the native utility and ecosystem token for CoinUp, which reportedly posted all-time highs above $0.829 last Friday, as reported by Lookonchain.
CoinUp stated recent sharp price swings were caused by concentrated market selling pressure and stated it was investigating the cause of the volatility. It added that its security review found no evidence of hacking, data breaches or system vulnerabilities.
Magazine: China’s 107 Bitcoin memory thief, Bithumb CEO booked: Asia Express
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
- Binance
- Fraud
- Scams
- Companies
- Scams & Cybercrime
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