He Yifa disclosed on Twitter that Zhu Pan, the operator of CoinUp, engaged in fraudulent activities by impersonating individuals. She alleged that Zhu Pan previously attempted to scam her under a false identity and subsequently used her credentials to defraud 孙宇晨.

Concurrently, industry reports highlight a recurring pattern of misconduct associated with Zhu Pan. Past operations of the ZJLT project reportedly involved raising funds that vanished entirely. The current allegations suggest CoinUp has employed similar tactics, resulting in the disappearance of significant capital.