The warning caused a lot of discussion after social media posts linked Zhu Pan to the crypto derivatives exchange CoinUp. CoinUp denied any operational or management ties to the individual, although it acknowledged that he is associated with a project listed on the platform.
Yi He Exposes Alleged Scammer
Binance co-founder Yi He has publicly warned the crypto community about an individual known as “Zhu Pan,” and accused him of impersonating her in alleged scam attempts. The warning was issued on X and quickly attracted attention from Chinese-language crypto communities.
The controversy intensified after a widely circulated social media post claimed that Zhu Pan was associated with the crypto derivatives trading platform CoinUp. In response, CoinUp released an official statement denying any operational or managerial relationship with the individual.
The exchange made it very clear that Zhu Pan is not part of its core team, management structure, or daily operations. CoinUp argued that linking the platform to Zhu’s personal activities, past projects, or market rumors creates a misleading impression of the company’s role in the situation.
While CoinUp rejected claims of direct involvement, it acknowledged that Zhu Pan is connected to a project that is listed on its platform. However, the exchange held firm that this relationship does not translate into participation in the company’s operations or decision-making processes.
Public information regarding Zhu Pan is very limited and contested. Reports from Chinese media outlet Pencil News suggest that an individual by that name was previously associated with the ZJLT initial coin offering launched in 2018. The project later faced criticism from investors who suffered losses and accused it of fraudulent behavior. Zhu reportedly denied being either a founder or operator of the project despite the allegations.
In addition to this, Yi He claimed that Zhu Pan previously impersonated her in an attempt to deceive Tron founder Justin Sun. Sun later publicly supported He’s statement by saying that her account of the events was accurate.
The incident also attracted new scrutiny to CoinUp’s native token, CPX. The token recently experienced a lot of price volatility after reaching an all-time high above $0.829 before undergoing sharp fluctuations. CoinUp attributed the sudden price movements to concentrated selling pressure in the market and stated that it is investigating the causes behind the volatility.
