{"id":46366,"date":"2026-06-25T08:37:58","date_gmt":"2026-06-25T08:37:58","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=46366"},"modified":"2026-06-25T08:37:58","modified_gmt":"2026-06-25T08:37:58","slug":"coinup-denies-fraud-claims-after-binance-co-founder-sparks-panic","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=46366","title":{"rendered":"CoinUp denies fraud claims after Binance co-founder sparks panic"},"content":{"rendered":"<p><strong>CoinUp founder Queenie Li moved to reassure the platform\u2019s users on June 24 after Binance co-founder Yi He accused an individual linked to CoinUp of impersonation and fraud, triggering fears of an exit scam and sharp volatility in the exchange\u2019s CPX token.<\/strong><\/p>\n<p><span>The controversy began when<\/span><span> Yi He posted on X<\/span><span> alleging that a person named Zhu Pan had impersonated her in an attempt to scam Tron founder Justin Sun, according to<\/span><span> CoinUp\u2019s official statement<\/span><span>.<\/span><span> Sun confirmed<\/span><span> the allegation in a repost, calling on the industry to \u201ccollectively resist this fraudulent behavior\u201d.<\/span><\/p>\n<p><span>The posts sent CoinUp\u2019s community into a tailspin. Users questioned whether Zhu Pan was connected to CoinUp\u2019s leadership and whether their funds were at risk. The CPX\/USDT trading pair saw what CoinUp described as a \u201cshort-term sharp fluctuation\u201d driven by concentrated selling pressure, according to a Binance Square report citing Foresight News.<\/span><\/p>\n<h3><span>CoinUp distances itself from Zhu Pan<\/span><span><br \/><\/span><\/h3>\n<p><span>CoinUp responded with multiple<\/span><a href=\"https:\/\/x.com\/CoinUpOfficials\/status\/2069603846389899730\" rel=\"nofollow\"><span> statements on X<\/span><\/a><span>, distancing the platform from Zhu Pan. The exchange said Zhu Pan \u201cis not a member of the CoinUp platform and does not participate in its core operations or management,\u201d describing him instead as affiliated with a project listed on CoinUp, according to the Binance Square report.<\/span><span><br \/><\/span><\/p>\n<p><span>The platform said its core business, risk management, and daily operations are managed independently by the CoinUp team. \u201cAny claims directly linking his personal behavior to the CoinUp platform are inaccurate interpretations,\u201d CoinUp stated.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"zh\">\u81f4CoinUp\u7528\u6237\u53ca\u6240\u6709\u5173\u5fc3\u6211\u4eec\u7684\u670b\u53cb\uff1a<\/p>\n<p>\u5927\u5bb6\u597d\uff0c\u6211\u662fCoinUp\u521b\u59cb\u4ebaQueenie<a href=\"https:\/\/x.com\/CoinUpOfficials?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@CoinUpOfficials<\/a> <a href=\"https:\/\/x.com\/COINUPZH?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@COINUPZH<\/a> <\/p>\n<p>\u8fc7\u53bb24\u5c0f\u65f6\uff0c\u56e0\u4e3a\u4f55\u4e00\u5973\u58eb\u5728X\u5e73\u53f0\u7684\u63a8\u6587<br \/>\u4ee5\u53ca\u968f\u4e4b\u800c\u6765\u7684\u5404\u79cd\u8ba8\u8bba\uff0c\u6211\u6df1\u77e5\u8bb8\u591a\u7528\u6237\u611f\u5230\u4e0d\u5b89\u3001\u56f0\u60d1\uff0c\u751a\u81f3\u6709\u4e9b\u5931\u671b\u3002<br \/>\u4f5c\u4e3a\u521b\u59cb\u4eba\uff0c\u6211\u5b8c\u5168\u7406\u89e3\u8fd9\u4e9b\u60c5\u7eea\u2014\u2014<br \/>\u6362\u4f5c\u662f\u6211\u2026<\/p>\n<p>\u2014 Queenie Li @ CoinUp (@Queenie_CoinUp) <a href=\"https:\/\/x.com\/Queenie_CoinUp\/status\/2069747246464368824?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 24, 2026<\/a><\/p><\/blockquote>\n<p><span>CoinUp has also denied allegations made by users of social networks who speculated on whether they were part of an <a href=\"https:\/\/www.cryptopolitan.com\/crypto-industry-loses-68-3m-to-exploits-may\/\">exit scam<\/a>. They have strongly denied these allegations and have stated that they will seek legal action against any social media account that shares false information about them.<\/span><\/p>\n<h3><span>Why did CPX fall, and has the problem been resolved?<\/span><\/h3>\n<p><span>Although there is still some uncertainty about what caused this sell-off, CoinUp said that they believe there were many sellers who wanted to sell their <a href=\"https:\/\/www.cryptopolitan.com\/coinup-legal-action-cpx-crash-zhu-pan\/\">CPX tokens<\/a>, which contributed to the large price drop in CPX. After doing extensive research into the reason behind this drop, they decided there wasn\u2019t any evidence to suggest that there was a hacking attack, data breach, or exploitation of any system vulnerabilities.<\/span><\/p>\n<p><a href=\"https:\/\/x.com\/CoinUpOfficials\/status\/2069603846389899730\" rel=\"nofollow\"><span>CoinUp stated<\/span><\/a><span> that deposits, withdrawals, and trading were all functioning normally, and that its wallet system, account infrastructure, and asset custody \u201cremain secure and stable\u201d. But the exchange has not published the results of its investigation into who was behind the concentrated selling, leaving a key question unanswered for CPX holders.<\/span><\/p>\n<p><span>As of June 25, 2026, CoinUp has yet to identify the person or group responsible for the major sell-off of CPX tokens that resulted from allegations of fraud involving Yi He, a co-founder of Binance. Additionally, CoinUp has not provided any information on the factors that caused CPX\u2019s sharp drop in value, leaving users confused as to whether this drop occurred due to a coordinated sell-off, panic withdrawals, market manipulation, or any other set of circumstances.<\/span><\/p>\n<h3><span>Founder pledges transparency<\/span><span><br \/><\/span><\/h3>\n<p><span>On June 24,<\/span><span> Queenie Li posted on X<\/span><span> directly to users, indicating that many users are feeling anxiety over this situation.<\/span><span> CoinUp\u2019s official account then followed up<\/span><span> by stating that the CEO\u2019s post \u201cspeaks to where CoinUp stands and what we are committing to next\u201d, adding that \u201cyour trust and faith mean everything to us\u201d.<\/span><\/p>\n<p><span>CoinUp announced that they are going to hold an X Space on June 25 at 20:00 UTC+8 to talk about user concerns as well as the employment issues that are at the center of the controversy, per Phemex News.<\/span><\/p>\n<p><span>Whether or not these statements from CoinUp and the X Space will bring back confidence for CPX holders and platform users has yet to be seen. Additionally, the exchange has not provided a timeline for when they expect to complete their investigation into the volatility of the token price.<\/span><\/p>\n<p class=\"inline-news-ad\" data-rand=\"0.229103\">The smartest crypto minds already read our newsletter. Want in? <a href=\"https:\/\/www.cryptopolitan.com\/newsletters\/?utm_source=cp&amp;utm_medium=web&amp;utm_campaign=inlineAds\" target=\"_blank\">Join them<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>CoinUp founder Queenie Li moved to reassure the platform\u2019s users on June 24 after Binance co-founder Yi He accused an individual linked to CoinUp of impersonation and fraud, triggering fears of an exit scam and sharp volatility in the exchange\u2019s CPX token. The controversy began when Yi He posted on X alleging that a person [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46367,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[53],"tags":[],"class_list":["post-46366","post","type-post","status-publish","format-standard","has-post-thumbnail","category-binance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CoinUp denies fraud claims after Binance co-founder sparks panic - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=46366\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CoinUp denies fraud claims after Binance co-founder sparks panic - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"CoinUp founder Queenie Li moved to reassure the platform\u2019s users on June 24 after Binance co-founder Yi He accused an individual linked to CoinUp of impersonation and fraud, triggering fears of an exit scam and sharp volatility in the exchange\u2019s CPX token. 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