Binance co-founder Yi He issued a warning to users about an alleged impersonation scam involving a person referred to as 'Zhu Pan' in Chinese-language posts on X. The warning gained significant traction after Yi He linked the impersonation to an attempted scam of Tron founder Justin Sun, who responded with a post that appeared to support Yi He's account, urging users to spread awareness and avoid falling for similar impersonation attempts. As per multiple reports, the allegation traveled faster because it was framed as an attempted hit on a high-profile target, with Sun publicly affirming her account as 'absolutely true' in a market that routinely prices social proof before documentation. The warning gained significant traction in Chinese crypto communities and on social media, prompting scrutiny of claims that connect individuals to exchanges and listed projects.
Crypto derivatives trading platform CoinUp issued a statement denying any operational ties to Zhu Pan after allegations spread across Chinese-language crypto circles. The company stated that '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 clarified that associating Zhu Pan's personal actions or past project experiences with the platform entity constitutes an inaccurate interpretation. The exchange categorized Zhu Pan as a 'project party' associated with its recently launched CPX token rather than a direct employee or executive. This distinction matters legally but may not matter much in public opinion when a token launched on the platform gets entangled with fraud allegations involving the co-CEO of Binance and Justin Sun. CoinUp added it would continue investigations into any ties between listed projects and third parties while monitoring market activity.
CoinUp also addressed price swings in CPX, its native utility and ecosystem token, which reportedly reached all-time highs above ₹0.829 last Friday according to Lookonchain data. After the token hit its peak, CoinUp attributed subsequent volatility to 'concentrated market selling pressure' and said a security review found no evidence of hacking, data breaches, or system vulnerabilities. The platform disclosed that it is investigating the cause of the price swings and emphasized its commitment to monitoring market movements and examining any further links between third parties and projects on its platform. For market structure, this framing pushes the story away from a confirmed security incident and toward counterparty and reputational headline risk, with tokens that have just tagged a fresh peak being more reflexive and susceptible to rumor-driven flows.
Public information about Zhu Pan remains limited and contested, with Chinese outlet Pencil News previously linking a person identified as Zhu Pan to the 2018 ZJLT initial coin offering project, which later drew investor complaints and fraud accusations. Individuals named in those reports have denied founding or operating that project. This leaves earlier claims unresolved and makes the current dispute harder to assess without court filings, platform records or verified law enforcement statements. The episode has circulated quickly in Chinese crypto communities, highlighting the need for platforms to maintain clear operational boundaries and address any potential conflicts of interest. For anyone holding or considering CPX, the calculus is more immediate - a token whose associated 'project party' is publicly accused of fraud by the co-CEO of Binance is not in a great spot, regardless of whether CoinUp's investigation turns up anything.
The dispute highlights rising impersonation risks in the cryptocurrency industry. Yi He has served alongside Richard Teng as co-CEO of Binance since December 2025, after the leadership restructuring that followed Changpeng Zhao's departure from day-to-day operations. In June 2024, Yi He warned users about a similar incident in which more than 60 ETH was reportedly stolen through phishing links tied to someone posing as her. The case demonstrates how old project claims can return when high-profile crypto figures raise new warnings, with fake exchanges, copied branding and pressure to move chats to Telegram or WhatsApp remaining common red flags for users to verify through official channels before trusting private messages or market rumors.
