Binance co-founder Yi He alerts users to impersonation scam

Yi He took to X to expose the scheme, noting that the impersonator used her identity in an attempt to defraud Justin Sun. Sun corroborated the account, confirming the attempt and urging followers to remain vigilant against similar social engineering tactics. The alert gained traction following rumors circulating in Chinese-language crypto circles that suggested Zhu Pan held a management role at the derivatives exchange CoinUp.

CoinUp moved quickly to distance itself from the controversy, stating that Zhu Pan is neither a member of its team nor involved in its core operational management. The exchange clarified that while the individual was linked to a project previously listed on its platform, this connection does not equate to oversight or employment. The company issued this statement as it sought to address market speculation regarding both its leadership and recent volatility in its native token, CPX.

Market observers have scrutinized CPX after data from Lookonchain showed the asset hitting a record high of $0.829 before facing significant selling pressure. CoinUp maintained that the price fluctuations resulted from market dynamics rather than security failures, confirming that internal investigations found no evidence of hacks or system breaches. The incident highlights a growing trend of impersonation risks within the digital asset sector, where unverified claims regarding project founders and platform ties often trigger rapid market reactions.