On June 24, CoinUp founder Queenie Li issued a statement in an effort to reassure platform users. This development followed remarks by Binance co-founder Yi He, who alleged that an individual posing as someone linked to CoinUp attempted to scam others. The claims ignited sharp volatility in the CPX token and triggered significant anxiety among CoinUp’s user base.
How the allegations began
According to CoinUp’s official explanation, the controversy began when Yi He stated on X that Zhu Pan impersonated her in an attempt to deceive Tron founder Justin Sun. Justin Sun confirmed the allegation by sharing the post, adding that the industry must stand united against such fraud attempts. Tron operates as a blockchain network focused on smart contracts and digital asset transfers.
In his statement, Justin Sun emphasized the importance of a collective response from the industry to fraudulent behavior.
Following these posts, a near-panic atmosphere spread through the CoinUp community. Users questioned whether Zhu Pan had any affiliation with the exchange’s management and if their assets might be at risk. According to a report on Binance Square citing Foresight News, the CPX/USDT trading pair experienced abrupt and intense swings as heavy selling pressure gripped the market.
CoinUp distances itself from Zhu Pan
CoinUp responded with a series of posts on X, asserting that Zhu Pan has never been a member of the company’s team. The exchange clarified that Zhu Pan held no managerial role, was not involved in core operations, and was connected only through a project listed on the platform.
CoinUp stated that Zhu Pan is not part of the CoinUp platform, does not participate in management or core operations, and therefore any personal actions should not be directly associated with the company.
The company also reported that its core business operations, risk management, and daily tasks are managed independently by its own team. CoinUp denied rumors circulating on social media claiming the exchange had illicitly moved user funds, declaring its intention to pursue legal action against those spreading misinformation.
Lingering questions over the CPX price drop
CoinUp suggested that the sharp decline in CPX’s price could be the result of many holders selling simultaneously. After conducting an internal review, the company said it found no evidence of any attack, data breach, or exploited system vulnerabilities.
The exchange assured users that deposits, withdrawals, and trading activities continued as normal, with wallet systems, account infrastructure, and custodial measures remaining secure and stable. However, CoinUp has yet to identify or reveal who was behind the heavy selling pressure.
| Topic | CoinUp’s statement |
|---|---|
| Zhu Pan connection | No role in management confirmed |
| CPX sell-off | Attributed to intense selling pressure |
| System security | No evidence of attack or data breach |
| Operations | Deposits, withdrawals, and trading ongoing |
As of June 25, 2026, CoinUp has not identified the party responsible for the major CPX sell-off. Furthermore, the company has not clarified whether the decline stemmed from coordinated selling, panic-driven exits, or other market conditions.
Founder stresses transparency
On June 24, Queenie Li addressed users directly via X, acknowledging their concerns amid recent turmoil. CoinUp’s official account subsequently stated that her message reflects the company’s current stance and plans for next steps.
To address user concerns and questions over employment ties at the heart of this controversy, CoinUp announced it would host an X Space on June 25 at 20:00 (UTC+8). However, the exchange has yet to announce when its investigation into CPX’s price volatility will conclude.
