Bittrex planned to host its first token sale, an Initial Exchange Offering (IEO) on Bittrex International, its Malta-based digital asset trading platform. The IEO would have allowed investors to use Bitcoin to purchase XRD tokens, developed by international gaming data blockchain project, Raid. But within days of the announcement, the plans have been jettisoned, and only hours before the Raid token was scheduled to go on sale.
The exchange announced the cancellation on twitter, saying: “Trust and integrity are the most valuable assets of Bittrex International. As a result of significant, last-minute changes with RAID, we have cancelled the IEO offering of the RAID token. We apologize for the inconvenience”
In a later, more detailed statement, they said: “We decided to cancel the IEO as a result of significant changes in the business status of Raid. Specifically, a few hours ago, OP.GG terminated its strategic partnership with Raid, which was a vital part of the Raid project. When Bittrex International became aware of this significant event, we did not feel that it was in the best interest of our customers to move forward with the IEO”.
Raid In Dispute With OP.GG Mere Hours Before IEO Launch
Raid’s relationship with OP.GG, an e-gaming data analytics company that boasts nearly 500 million monthly page views, is sketchy to say the least. The founders of Raid, Cheonwoo Park and Taesung Kim, are listed as the CEO and CSO of OP.GG. Raid had promoted its propitious relationship with “core partner” OP.GG.
But just before the potential IEO, OP.GG released a statement claiming to have nothing to do with the Raid project.
“OP.GG has stopped all potential business discussions related to Raid project and there will be no economic and technical cooperation with Raid coin. In addition, OP.GG has no intention of developing any blockchain related business utilizing Riot Games data”.
Bittrex made it clear that their vision includes being vigilant on behalf of their customers to ensure the “integrity” of their markets. “When we become aware of significant events, we respond quickly to protect our users”.
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