Update
Parent event 01
Token Upgrade from CP to CPX
CoinUp announced the upgrade of its platform token from CP to CPX at a 1:1.2 ratio, starting June 5. The token initially surged 590%.
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CoinUp exchange platform token $CPX crashes 86% in one day, community suspects soft exit scam
CoinUp's native token $CPX experienced a sharp 86% single-day drop on June 23, 2026, following weeks of volatility. The exchange issued statements denying hacking or security breaches, but community members and analysts claim the platform is conducting a soft exit scam.
Heat
87
Confidence
85%
Evidence
8
Updated
Why It Happened
CPX was upgraded from CP on June 5 with a 1:1.2 conversion, then surged 590% before collapsing. On June 23, $CPX fell 86% to $0.11 amid concentrated selling pressure. CoinUp published clarifications denying ties to an individual named Zhu Pan and claiming normal system operations, but critics point to suspicious KOL comments and a history of similar exchange failures.
Outcome So Far
CPX price remains at $0.11 as of June 23; CoinUp says investigation ongoing, user assets safe. Public opinion largely believes the exchange is exiting.
Actors
Timeline order
Update
Post
Parent event 02
X conversation update
1 related posts from @CoinUpOfficials
Related posts@CoinUpOfficials
Post
Parent event 03
KOL lugeweb3 declares CoinUp has soft run away
Influencer lugeweb3 posts that CoinUp's platform token crash confirms the exchange has softly exited, comparing to previous failed exchanges Ju and Websea.
Related posts@lugeweb3
Post
Parent event 04
X conversation update
4 related posts from @CoinUpOfficials, @COINUPZH
Related posts@CoinUpOfficials@CoinUpOfficials@COINUPZH4 posts
Post
Parent event 05
CoinUp Official Denial Statements
CoinUp releases multiple statements denying the rumors, clarifying that Zhu Pan is not a team member, and confirming no security breach. They announce an investigation.
Related posts@CoinUpOfficials@DeFi8362