Yi He flags impersonation scam; CoinUp denies ‘Zhu Pan’ ties
Binance co-founder Yi He warned on X about an alleged impersonation scam involving “Zhu Pan.” She said Zhu Pan impersonated her in failed scam attempts and allegedly targeted Tron founder Justin Sun. The post also revived claims that CoinUp was linked to Zhu Pan.
CoinUp responded with a Tuesday statement denying any operational or management involvement. It said Zhu Pan is not a member of the CoinUp platform and that linking his actions or past project history to CoinUp is an “inaccurate interpretation,” though it acknowledged the person is connected to a project listed on its platform.
The dispute coincided with sharp price swings in CoinUp’s token CPX. After reports of CPX printing an all-time high above $0.829, CoinUp said the drop and volatility were driven by concentrated selling pressure, and its security review found no evidence of hacking, data breaches, or system vulnerabilities.
For traders, this impersonation scam allegation mainly raises reputational and headline-driven volatility risk around CPX, even without a confirmed security incident.
Neutral
Yi He’s impersonation scam allegations appear to be about identity and reputational risk rather than a confirmed technical breach. CoinUp’s denial of operational/management ties and its clarification about what it does (and doesn’t) associate with Zhu Pan helps reduce the likelihood of a security-led selloff.
However, the timing with CPX’s sharp move (ATH above $0.829 followed by a sudden decline) means traders will still treat the newsflow as headline-risk. CoinUp attributed the volatility to concentrated selling pressure and reported no hacking, breaches, or vulnerabilities, which should cap the downside versus a “true hack” scenario.
Short-term, expect elevated spreads, faster sentiment swings, and potential overreaction cycles around social media claims. Long-term, if no security incident is found and exchanges keep issuing clear statements, the market impact on CPX should normalize; otherwise, repeated rumor-driven episodes could keep volatility structurally higher.