On June 23, Binance co-founder He Yi publicly accused Zhu Pan, a figure linked to CoinUP, of carrying out impersonation-based scam attempts. She said Zhu Pan had previously posed as other people in an attempt to defraud her, and also impersonated her when trying to obtain funds from Justin Sun. Soon after, CoinUP issued its own statement, saying Zhu Pan was not a market operator for the platform and had no role in its core management.
He Yi says the case involved repeated impersonation
According to He Yi's post, the allegation was not limited to a single false identity. She said Zhu Pan had impersonated others in an approach targeting her, and had also pretended to be He Yi herself in outreach to Justin Sun. That claim quickly shifted attention away from a trading issue alone and toward questions about outside actors connected to the exchange ecosystem.
CoinUP says Zhu Pan was tied to a listed project
Roughly an hour after He Yi's post, CoinUP responded through its messaging channels. The exchange said Zhu Pan was only associated with “a listed project party,” not a platform operator, and did not take part in core business operations. Addressing the recent sharp moves in the CPX/USDT pair, CoinUP said the volatility mainly came from concentrated market selling and that its review was still ongoing.
Exchange says systems and user assets remain safe
CoinUP also said it had completed a full security review and found no signs of a hack, data breach, or exploitation of system vulnerabilities. It added that deposit, withdrawal, and trading functions were operating normally, and that user assets and data remained intact, with no reported asset losses.
Statements were released within the same hour
Based on the timeline in the source material, He Yi published her accusation at 12:24 (UTC+8). At around 13:07, CoinUP released its response, clarifying Zhu Pan's status and addressing the price action in CPX. The close timing of the two statements pushed the incident into wider discussion around exchange credibility, project-side relationships, and unusual market activity.
For now, public information on Zhu Pan's exact role, his relationship to the listed project, and the detailed cause of the CPX move remains limited to the statements already made by the two sides. CoinUP said its review is continuing.