Binance co-founder Yi He warned about an alleged scammer and impersonator, prompting cryptocurrency trading platform CoinUp to issue a statement distancing itself from the individual.

Binance’s went to X on Monday warn against a person called “Zhu Pan”, who she said was impersonating her in failed scam attempts, calling on users to spread awareness.

The comments came in response to a widely shared post on X in Chinese, in which titled alleged CoinUp was associated with this person, claims CoinUp was later questioned.

“Zhu Pan is not a member of the CoinUp Platform and does not participate in the primary operational management or related work of the CoinUp Platform,” CoinUp he replied in a statement on Tuesday.

The incident highlights how quickly allegations on social media can draw exchanges and celebrities into disputes, increasing reputational risk in cryptocurrency markets where project connections are often unclear.

Who is the mysterious Zhu Pan?

Public information about the person called “Zhu Pan” remains restricted and disputed, with various accounts circulating in Chinese-speaking crypto communities.

According to A report via Chinese outlet Pencil News, an individual identified as Zhu Pan was previously associated with the 2018 ZJLT initial coin offering project, which later faced backlash from investors amid losses and fraud accusations. Zhu reportedly denied being the founder or operator of the project.

Source: Yi He

Cointelegraph reached out to Binance for further comment on the allegations and the 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 defraud Tron founder Justin Sun. Sun later he said her account was “absolutely true”.

CoinUp denies operational ties and cites market selling pressure

Although CoinUp denied Zhu’s involvement in its core business or management, the company said the individual was associated with a project listed on its platform.

“Associating his personal actions, past project experiences, or market rumors directly with the entity of the CoinUp platform constitutes an inaccurate interpretation,” CoinUp said.

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The exchange also addressed the volatility of CoinUp (CPX), the native utility and ecosystem token for CoinUp, which reportedly hit an all-time high above $0.829 last Friday. According to to Lookonchain.

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

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