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Elan Future Inc. Files Complaint with SEC and Lithuanian Authorities Over the BitMart Exchange and its Misappropriation of User Assets

By: Newsfile

Dubai, United Arab Emirates--(Newsfile Corp. - March 15, 2023) - Elan Future Inc., an R&D company in the energy sector and creator of the ELAN utility token, has filed official complaints against the BitMart exchange with the U.S. Securities and Exchange Commission (SEC) and Lithuania's Financial Crime Investigation Service. BitMart is a well-known cryptocurrency exchange platform registered in the Cayman Islands and owned by BitMart Global OÜ of Estonia.

Elan Future's complaints disclose evidence supporting a willful breach of BitMart's fiduciary obligations and misappropriation of ELAN tokens and USDC worth in excess of $400,000 USD. Large sell orders for ELAN tokens were placed on the WhiteBIT exchange and raised suspicion. It appears the WhiteBIT wallet from which the trade was posted belongs to BitMart itself, and the ELAN tokens in said WhiteBIT wallet had been transferred from some of BitMart's user accounts, including Elan Future! More information on the illicit activities was published on CoinMarketCap:

The complaints occur absent an amicable resolution of the issue and BitMart's refusal to immediately unlock all ELAN tokens on Elan Future's user account. ELAN tokens have since been delisted from BitMart and are currently listed solely on the WhiteBIT exchange.

Elan Future's management is deeply troubled by the sinister implications of this issue and wishes to prevent any possible damage to its stakeholders and partners. The situation is dire. Funds misappropriation by an exchange such as BitMart would contribute to undermining trust in the entire cryptocurrency market.

The company seeks to cooperate fully with the regulatory authorities and demands swift, unyielding, and decisive actions against all misconducts by BitMart.

Elan Future's CEO, Jerome Olivier Malo, speaks with unwavering determination: "The alleged embezzlement of Elan Tokens by BitMart may be symptomatic of a larger pattern of illegal actions at BitMart. This is, of course, unforgivable. Our stakeholders deserve nothing less than to have complete control over their assets, in full transparency. We will stop at nothing to ensure the protection of all ELAN holders."

Elan Future will continue to demonstrate its commitment to upholding the highest standards of ethical conduct and transparency, as well as its dedication to protecting its customers, partners, and the larger cryptocurrency ecosystem.

For more information, please visit

About Elan Future Inc.

Elan Future Inc is an innovative research and development company passionately focused on green energy solutions. Based in Bromont, the company is dedicated to creating state-of-the-art technologies that promote sustainable energy practices and reduce global carbon emissions. Its flagship product, Apollo, is a revolutionary generator designed to amplify any electrical current, significantly reducing energy costs and championing clean energy initiatives for a more sustainable future.

Media Details
Company Name: Elan Future Inc
Contact Person: Nassib Fakih
City and Country: Dubai, UAE

To view the source version of this press release, please visit

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