Statement regarding the ELT issue

Published on May 12, 2023Updated on Apr 4, 20242 min read

On April 20th, 2022, OKX listed ELT. On April 21st, OKX's risk control team detected that the Element Black team had made multiple large deposits to the market-making account, totaling approximately 50,000,000 ELT, which caused the circulating supply to deviate from the disclosed 70,000,000 prior to the launch. On April 23rd, the circulating supply was changed to 112,070,000.

After multiple unsuccessful attempts to communicate with Element Black, the OKX team notified Element Black to carry out internal rectification and follow the Road Map disclosed prior to the listing for product delivery. Withdrawal restrictions were implemented on the ELT market-making account. During the rectification period, the Element Black team made several withdrawal requests, and OKX approved some reasonable requests, after careful review.

On May 3rd, 2023, the ELT team requested a change of token contract for the ELT token. After evaluation by the risk control and listing teams, Element Black's continued operation and activity failed to satisfy the standards for continued listing on OKX according to OKX's delisting rules, ELT will be delisted, and therefore, the change of token contract request will not be supported. ELT holders can withdraw their tokens on their own, and the withdrawal restrictions on the aforementioned Element Black team account will also be lifted.