Binance’s Yi He flags impersonation scam, CoinUp denies link

Yi He, co‑founder and co‑CEO of Binance, publicly accused an individual known as Zhu Pan of impersonating her in a failed scheme targeting Tron founder Justin Sun on June 23, prompting derivatives platform CoinUp to issue a denial that the person is involved in its core operations【1】.

The accusation and CoinUp’s rebuttal

Yi He posted in Chinese on X that Zhu Pan tried to pose as her in messages to Justin Sun, a scam that did not succeed but warranted a public alert. The claim quickly spread across Chinese‑language crypto circles, linking Zhu Pan to CoinUp’s newly launched CPX token. CoinUp responded the next day, stating that Zhu Pan is not a member of the platform and does not take part in “core operational management or related work,” but is instead connected to a project listed on its exchange【2】. The platform emphasized that associating his personal actions with CoinUp “constitutes an inaccurate interpretation.”

CPX token volatility and market context

Lookonchain data showed CPX, CoinUp’s native utility token, reaching a new all‑time high above $0.829 on the Friday before the warning, before experiencing sharp selling pressure that drove the price down【2】. CoinUp attributed the subsequent volatility to concentrated market selling rather than any security breach, noting that its investigation had found no evidence of hacking or system vulnerabilities【2】. The price spike occurred in a token that had only recently been listed, making the sudden movement notable compared with its short trading history.

Prior impersonation incidents

Yi He’s warning follows a June 2024 incident where more than 60 ETH was reportedly stolen via phishing links that pretended to be her, highlighting a pattern of impersonation attacks against high‑profile crypto figures【1】.

What to watch

• CPX price levels: $0.85 resistance and $0.75 support, which could signal further buying or selling pressure.
• Any updates from CoinUp on the investigation into CPX volatility or potential security findings.
• Additional statements from Binance or Yi He regarding further impersonation attempts, especially if they involve other prominent industry leaders.

The episode underscores how quickly reputational risk can spread in crypto when a high‑profile figure’s identity is weaponized, and it places the CPX token under heightened scrutiny despite CoinUp’s denial of any direct operational link to the alleged impersonator.