Binance co-founder Yi He took to X this week to warn the crypto community about an alleged impersonator she referred to as “Zhu Pan.” According to He, the individual attempted to scam Tron founder Justin Sun by impersonating her — a claim Sun later confirmed as legitimate.
The situation escalated when a widely shared Chinese-language post on X linked the individual to CoinUp, a crypto derivatives trading platform. CoinUp quickly denied any connection, stating that “Zhu Pan is not a member of the CoinUp platform and does not participate in core operational management.”
Details about Zhu Pan remain murky. Chinese outlet Pencil News reported that someone by that name was previously tied to the 2018 ZJLT ICO project, which faced investor backlash over losses and fraud allegations. Zhu reportedly denied being a founder or operator of that project.
Cointelegraph reached out to Binance for further comment but hadn’t received a response before publication.
This whole mess is a reminder of how fast social media accusations can spiral in crypto, pulling exchanges and high-profile figures into disputes before anyone has time to verify anything. Reputational risk is real, and in a space where project affiliations are often unclear, these situations can cause damage quickly.
