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CoinUp says no hack behind CPX/USDT volatility, probes concentrated selling

CoinUp says no hack behind CPX/USDT volatility, probes concentrated selling

The exchange denied operational involvement by Zhu Pan, said it is weighing legal action over online claims, and faces fresh public allegations from Binance co-founder He Yi.

USDT
SUN

Fact Check
The claim is directly confirmed by CoinUp's own official X statement and four independent crypto news outlets reporting the same content. CoinUp explicitly rejected social media claims of a rug pull ('跑路') and withdrawal problems ('提币困难'), stated Zhu Pan (朱潘) is not involved in platform operations/management/custody/risk controls (only a project party of a listed project), attributed CPX/USDT volatility to concentrated market selling pressure rather than a hack, denied any hacker attack or system intrusion, and affirmed deposit/withdrawal and platform functions remain normal with assets secure. All assertions in the claim align with the primary source.
Summary

CoinUp said recent volatility in the CPX/USDT trading pair was tied preliminarily to concentrated market selling and remains under investigation, while the exchange said there was no hack, data breach, or exploitation of a system vulnerability. It rejected online claims describing the episode as a rug pull or alleging withdrawal problems, said deposits, withdrawals and trading remain operational, and added that user assets were unaffected. CoinUp also said Zhu Pan is not a member of its team or involved in core business management, describing him instead as a project owner associated with one project launched on the platform, and said it is considering legal action over what it called inaccurate and misleading information. The dispute escalated after Binance co-founder and Chief Customer Service Officer He Yi accused Zhu Pan of past impersonation scams targeting her and Justin Sun. CoinUp has not disclosed the scale of the CPX decline or selling volumes, leaving open questions about whether the pressure came from insiders, a large holder or coordinated market manipulation.

Terms & Concepts
  • CPX/USDT: A trading pair between CPX and USDT.
  • trading pair: Two assets that can be exchanged against each other on a market.
  • rug pull: A type of crypto scam in which project operators or insiders abruptly abandon a project or drain value from it.