Binance co‑founder Yi He warned on X that an individual using the alias “Zhu Pan” had impersonated her in fraudulent schemes, prompting the crypto derivatives platform CoinUp to issue a statement denying any affiliation with the alleged scammer.
Yi He’s Warning and CoinUp’s Rebuttal
On Monday, Yi He took to X to alert the community about “Zhu Pan,” describing the person as an impersonator who had attempted scams by posing as her. The post quickly spread across Chinese‑language channels, prompting CoinUp to respond on Tuesday with a formal statement that clarified Zhu Pan holds no position within the platform and is not involved in its core operational management.
CoinUp’s clarification emphasized that the platform maintains a strict separation from the individual, seeking to protect investors from unwarranted reputational damage. The exchange highlighted its commitment to transparency as the crypto market continues to monitor price volatility and regulatory scrutiny.
Background on the Alleged Impersonator
Public details about “Zhu Pan” remain scarce, with conflicting narratives circulating in Chinese crypto forums. According to a report by Pencil News, a person identified as Zhu Pan was previously linked to the 2018 ZJLT initial coin offering, a project that later attracted investor backlash over significant losses and accusations of fraud.
In that context, Zhu Pan publicly denied any role as founder or operator of the ZJLT venture, asserting that the allegations were unfounded. The limited information underscores the challenges investors face when distinguishing legitimate actors from impostors within the blockchain ecosystem.
Implications for the Crypto Market
The episode illustrates how rapid social‑media rumors can entangle