A major scandal in the crypto world: Binance and TRON heads expose CoinUp operator.
The crypto community has been shaken by the story surrounding the CoinUp platform, which experts and users are now openly calling a financial pyramid. Binance co-founder Yi He publicly exposed the scheme, stating that the platform's operator, a man named Zhu Pan, systematically impersonated others, including herself. Moreover, the fraudster used Yi He's name to mislead Tron founder Justin Sun.
Justin Sun promptly confirmed this information, calling on industry participants to unite in a joint fight against such scammers. The catalyst for these sharp public statements was a post by blogger Web3老吴, who accused Zhu Pan of another withdrawal of user funds from the platform. Zhu Pan has been known for his dubious schemes since 2017.
Who is Zhu Pan and what happened to CoinUp?
Zhu Pan is a true "veteran" of the Chinese crypto community, but with an exclusively scandalous reputation. He first gained notoriety through the startup ZJLT, which raised an impressive 25,000 ETH. However, about 15,000 ETH then disappeared without a trace, causing the token's price to crash by over 90%. Affected investors staged mass protests, were met by aggressive individuals in black at the project's office, and by the time police arrived, the premises were completely empty. After these events, Zhu Pan disappeared from the public eye for a long time.
The CoinUp crypto exchange opened in September 2021 in Silicon Valley. The company was registered in the Cayman Islands, with its headquarters located in Singapore. However, the platform operated without the necessary licenses from financial regulators. The exchange's sudden collapse occurred in August 2025, affecting a huge number of clients. The administration first blocked withdrawals and then completely zeroed out balances in personal accounts. According to leaked reports, cash flows were almost instantly transferred to accounts on major platforms, including Binance.
CoinUp is now openly called a financial pyramid, where the income of old depositors is generated solely from new infusions, with no real backing for the digital assets.
Statements from Yi He and Justin Sun
The strong reaction from leaders of major companies has taken this investigation to an entirely new level. Yi He openly called Zhu Pan the shadow leader of CoinUp. She described instances where the fraudster used other people's names to deceive, allegedly forging her personal data to manipulate Justin Sun. The latter confirmed the truth of these facts and added that the crypto market must stop the activities of such individuals, insisting on holding the perpetrators legally accountable.
The Binance co-founder claims that Zhu Pan generates content using neural networks. Through AI technologies, he imitates correspondence on behalf of wealthy clans from China and Hong Kong. Additionally, fake accounts of well-known exchanges are created. For example, in the WeChat messenger, according to her, a fake profile of Binance founder Changpeng Zhao (CZ) is currently active. Yi He urges the audience to remain extremely vigilant.
Expert commentary: This story is a stark reminder that even in 2025, the market remains extremely volatile and susceptible to fraudulent schemes. The public confrontation of industry leaders like Binance and TRON with such projects is a positive signal. However, as an analyst, I strongly recommend that investors always verify the licenses and regulatory status of any platform before entrusting it with their assets. The CoinUp story is another painful but necessary lesson for the entire community.