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Binance co-founder He Yi says CoinUp-linked Zhu Pan attempted impersonation fraud

Binance co-founder He Yi says CoinUp-linked Zhu Pan attempted impersonation fraud

He Yi alleged Zhu Pan tried to scam her and Justin Sun through impersonation, while CoinUp denied Zhu Pan is part of its core operations and said recent CPX/USDT volatility stemmed from concentrated selling rather than an exit scam or fraud.

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Fact Check
He Yi's own X post (https://x.com/heyibinance/status/2069260339833975092) states verbatim that Zhu Pan impersonated others to defraud her unsuccessfully and impersonated her to defraud 'Sun ge' (Justin Sun), exactly matching the claim. Multiple crypto outlets (Odaily, BlockBeats, PANews) report the same and explicitly identify Zhu Pan as the CoinUp operator and the target as TRON founder Justin Sun (Sun Yuchen). The claim is directly supported by the primary source.
Summary

Binance co-founder and Chief Customer Service Officer He Yi said Zhu Pan tried to scam her by impersonating someone else and previously impersonated her in an alleged fraud attempt targeting TRON founder Justin Sun. CoinUp later said Zhu Pan is not a member of its team or involved in core business management, describing him as a project owner associated with one listed project, and said it was considering legal action over what it called inaccurate and misleading claims. The exchange also rejected rumors of an exit scam or fraud, said deposits, withdrawals and trading were operating normally, and attributed recent CPX/USDT volatility to concentrated selling rather than a hack, data breach or system exploit.

Terms & Concepts
  • impersonation: Pretending to be another person to deceive a target.
  • CPX/USDT: A trading pair between CPX and USDT.
  • exit scam: A scheme in which operators abruptly disappear with user funds or abandon a platform after attracting deposits.