CoinUp moved to distance itself from Zhu Pan after a public accusation from Yi He, while CPX came under heavy selling pressure and saw sharp market swings. The dispute began when Yi He said on X that Zhu Pan had impersonated her in an attempt to deceive Tron founder Justin Sun. Sun later shared the post and said the industry should respond collectively to fraudulent conduct.
Posts on X fueled concern across the CoinUp community
After the exchange of posts, anxiety spread quickly among CoinUp users. Questions centered on whether Zhu Pan had any link to the exchange’s leadership and whether user assets could be exposed to risk. A report on Binance Square citing Foresight News said the CPX/USDT pair saw abrupt and intense volatility as strong selling pressure hit the market.
The immediate concern was not limited to price action. The controversy also raised doubts about internal ties, governance, and the safety of funds on the platform, which appears to have amplified selling as the discussion widened.
Exchange says Zhu Pan never joined its team
In a series of posts on X, CoinUp said Zhu Pan has never been part of the company. The exchange stated that he held no management position, had no role in core operations, and was connected to CoinUp only through a project listed on the platform.
CoinUp also said its core business, risk controls, and routine operations are handled independently by its own staff. The company rejected social media claims that it had improperly moved user funds and said it would pursue legal action against people spreading what it described as false information.
No evidence of attack, breach, or exploited vulnerability
On the CPX decline, CoinUp said the move may have been caused by many holders selling at the same time. After an internal review, the exchange said it found no evidence of an attack, a data breach, or any exploited system vulnerability.
The platform added that deposits, withdrawals, and trading remained operational, and that wallet systems, account infrastructure, and custody arrangements were stable and secure. As of June 25, 2026, CoinUp had not identified the party behind the large CPX sell-off, nor had it clarified whether the drop came from coordinated selling, panic exits, or other market conditions.
Queenie Li addresses users as CoinUp schedules X Space
On June 24, Queenie Li addressed users on X and acknowledged concerns tied to the recent turmoil. CoinUp’s official account later said her message reflected the company’s current position and the direction of its next steps.
To answer questions about employment ties and the wider dispute, CoinUp said it would host an X Space on June 25 at 20:00 (UTC+8). The exchange has not said when its review of CPX price volatility will be completed.