Per Woofun AI, CoinUp has issued a formal clarification regarding recent market speculation surrounding the CPX token and associated personnel. The exchange explicitly stated that Zhu Pan is not an employee of the platform nor involved in its core operational management. Instead, he acts as the project initiator for a specific initiative deployed on the CoinUp infrastructure.

Concurrently, CoinUp addressed the sharp price fluctuations observed in the CPX/USDT trading pair, attributing the volatility primarily to concentrated selling pressure from market participants rather than internal platform issues. The exchange emphasized that it has not experienced any hacker attacks, data breaches, or exploits of system vulnerabilities. CoinUp confirmed that its wallet systems, account management frameworks, and asset custody measures remain secure and fully operational while further investigations into the specific drivers of the price movement continue.