Granby, Quebec--(Newsfile Corp. - February 6, 2023) - Elan Future Inc. has successfully identified and ward‐off harmful trading activity related to the $ELAN token listed on exchanges BitMart and WhiteBIT.
During Elan investigation it is observed that:
- Unusual Sell orders were posted on WhiteBIT on February 1st, 2023, for a total of 36'000 $ELAN. The combined orders were anomalously large in view of trading activity and patterns.
- WhiteBIT quickly blocked the Sell orders and locked the seller's account after Elan's team brought the suspicious trading order to their attention.
- Elan Future investigated the suspicious trading activity and obtained confirmation that the tokens had been deposited from a BitMart account to a WhiteBIT account earlier the same day. Elan Future asked BitMart to provide wallet addresses in order to conduct an audit, following which BitMart provided the address of their public wallet.
- Elan conducted an on‐chain audit of BitMart's addresses and further contacted BitMart for comments. A BitMart agent confirmed that user had bought and deposited $ELAN tokens on their exchange but they had not identified suspicious activities from the user origin account.
- On February 3rd, 2023, a person contacted Elan's CEO Jerome Malo in a private message on Telegram, using the account @ChadBitMart with bio reference as BitMart's VP Listing & Biz Dev, requesting assistance to unlock the WhiteBIT account. The person argued that the BitMart's finance team made a mistake, as their intention was to transfer the $ELAN tokens to a cold wallet. At the time, only about 40'000 $ELAN were deposited on BitMart by all users, including tokens earmarked for marketing promotions.
- The BitMart organisation may have illegally misappropriated, transferred and attempted to trade $ELAN tokens worth $300'000, pending confirmation that BitMart is the beneficiary of the locked account. Elan Future is now considering its options in view of protecting its community, including de‐listing on BitMart. "We are extremely disappointed in BitMart's unethical behavior," said Mr. Malo. "Access to $ELAN through Exchange listings, including on BitMart, is important in executing Elan's roadmap of democratizing stake holding in energy production. However, our objective of a wide and easy access to $ELAN is and should be, subordinated to Elan's commitment to transparency and fairness." A limited supply of $ELAN utility tokens have been dropped so far (35 million or 4% of total reserve), for the purpose of large scale blockchain testing and generating awareness on Elan's projects. Identification of harmful trading was possible thanks to Elan's active monitoring of all activities on its ecosystem, blockchain, and token.
Elan Future Inc. (Granby QC, Canada) is a R&D company focusing on developing energy production solutions based notably on the principles of parametric resonance. Elan Future believes its solutions, primarily the Apollo power amplifier, have the potential to significantly improve the performance of various electric applications, including generators, EV, solar panels and home backup power packs. The $ELAN utility token based on a decentralized blockchain infrastructure, is intended primarily as a means of payment for the acquisition and use of Elan's products and services, when released. The Elan token is also intended as a means of exchange allowing transfer of energy‐generation capabilities between members of the Elan community, following launch of the Elan products.
For more information, visit https://www.elanfuture.com/
Test Tx from BitMart to WhiteBIT:
Tx from BitMart to WhiteBIT:
Tarek Al Fakih
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153799