Binance co-founder Yi He accused an individual named Zhu Pan of impersonating her to scam Tron founder Justin Sun on June 24, triggering immediate market panic around CoinUp, a crypto exchange linked to Zhu Pan through a listed project. The accusation led to concentrated selling pressure on the CPX token and forced CoinUp to issue public denials and commit to an investigation. Smaller crypto exchanges depend heavily on community trust, which can collapse rapidly when high-profile figures publicly connect fraud allegations to a platform, even indirectly.
Yi He's Accusation Triggers CPX Token Sell-Off
Yi He posted on X alleging that Zhu Pan had impersonated her in a scheme targeting Tron founder Justin Sun. Sun confirmed the allegation in a repost, calling on the industry to "collectively resist this fraudulent behavior." The connection to CoinUp ignited panic among the exchange's users, who questioned whether Zhu Pan held a leadership role and whether their funds were safe. A concentrated wave of selling hit the CPX/USDT trading pair, producing what CoinUp later described as a "short-term sharp fluctuation."
CoinUp Denies Zhu Pan Management Role and Exit Scam Claims
CoinUp stated that Zhu Pan is not a member of the CoinUp platform and does not participate in its core operations or management. The exchange described him as affiliated with a project listed on the platform, not someone embedded in its leadership. CoinUp's core business, risk management, and operational decisions are handled independently by its own team, according to the platform. The exchange stated: "Any claims directly linking his personal behavior to the CoinUp platform are inaccurate interpretations." CoinUp strongly denied any involvement in fraudulent activity and announced it would pursue legal action against social media accounts found spreading false information.
CoinUp Finds No Evidence of Hacking but Cannot Identify Sellers
CoinUp concluded there was no evidence of a hacking attack, data breach, or exploitation of system vulnerabilities. The platform stated that its wallet infrastructure, account systems, and asset custody "remain secure and stable." Deposits, withdrawals, and trading continued operating normally throughout the incident. However, CoinUp has not identified who was behind the concentrated selling of CPX tokens, and as of June 25, 2026, has provided no timeline for completing its investigation. The exchange acknowledged that many sellers moved simultaneously, driving the price down sharply, but whether that reflected coordinated market manipulation, opportunistic panic selling, or something else entirely remains an open question.
Queenie Li Schedules Public X Space for June 25
On June 24, CoinUp founder Queenie Li posted on X, acknowledging that many users were feeling anxiety, confusion, and disappointment following Yi He's posts and the resulting chaos. CoinUp's official account stated that her post "speaks to where CoinUp stands and what we are committing to next" and that user trust "means everything." The exchange announced an X Space session scheduled for June 25 at 20:00 UTC+8, where the team planned to address user concerns and discuss the employment-related issues at the center of the controversy.
FAQ
What did Yi He accuse Zhu Pan of doing?
Yi He accused Zhu Pan of impersonating her in order to scam Tron founder Justin Sun. CoinUp stated that Zhu Pan is affiliated with a project listed on its platform but is not a member of its management or core operations team.
Did CoinUp find evidence of hacking or system exploitation?
No. CoinUp concluded there was no evidence of a hacking attack, data breach, or exploitation of system vulnerabilities. The platform stated that its wallet infrastructure, account systems, and asset custody remain secure and stable, and that deposits, withdrawals, and trading continued operating normally throughout the incident.
Has CoinUp identified who sold the CPX tokens on June 24?
No. As of June 25, 2026, CoinUp has not identified who was behind the concentrated selling of CPX tokens and has provided no timeline for completing its investigation. The exchange acknowledged concentrated selling pressure but has not established whether it reflected coordinated market manipulation, opportunistic panic selling, or another cause.
