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Elan Future Successfully Prevents Harmful Trading Activity

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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/

Transaction Hashes:

Test Tx from BitMart to WhiteBIT:

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https://etherscan.io/tx/0xb0224e313c89d5d178792e811289a3747acef963ba8c8d58a30f296a875eb65f

Tx from BitMart to WhiteBIT:

https://etherscan.io/tx/0xbe8331c3fdd13d8037862803008f44a5f2f8ea5ce4efd95d1f648ea591ada698

Contact:

Tarek Al Fakih

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[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153799

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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Blockchain

Bybit Web3 Launches World’s Largest GameFi Playground at Crypto Ark-ade as GameFi Market Size Surges to $20bn

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