Binance Co-founder Yi He Warns of Scammer; CoinUp Denies Ties

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 said 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.

According to 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 said 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 said 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 said.

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, according to Lookonchain.

CoinUp said recent sharp price swings were caused by concentrated market selling pressure and said it was investigating the cause of the volatility. It added that its security review found no evidence of hacking, data breaches or system vulnerabilities.