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Cryptocurrency Exchange Bittrex announced the cancellation of an "Initial Exchange Offer" (IEO) just hours before its launch.
The RAID project had planned to raise $ 6 million through the sale of a token called XRD to the stock market's clients. But Bittrex said it had canceled the sale after learning that the strategic partnership of the issuer with an online gambling data badysis company, OP.GG, had been abruptly terminated.
This alliance "was a vital part of the RAID project," Bittrex said in a statement. "When Bittrex International became aware of this important event, we did not think it was in the interest of our customers to advance the IEO."
For its part, RAID claimed that it was not Bittrex but what he was withdrawing, saying:
"The RAID project team decided that it would not be ok to proceed as planned on March 15 with Bittrex IEO due to ongoing changes. Therefore, after a discussion with Bittrex, the RAID team made the final decision not to use IEO. "
RAID also announced that it would issue refunds "as soon as possible" to investors who participated in a previous symbolic sale, via a platform called Cobak.
Conflicting statements
In a statement published on its website, OP.GG suggested that the partnership with RAID was never acquired, in these terms:
"OP.GG has stopped everything potential commercial discussions related to the RAID project and there will be no economic and technical cooperation with the RAID part. In addition, OP.GG does not intend to develop a blockchain activity using data from RIOT GAMES. OP.GG will take all possible legal action against individuals or organizations that disclose false facts in this regard. [Emphasis added.]"
However, according to CCN, the founders of RAID, Cheonwoo Park and Taesung Kim, have also been listed as CEO and CSO of OP.GG on the RAID website, inaccessible Friday morning.
The token was initially designed as a measure to "give back ownership of data to users using blockchain technology" with the help of a gaming data ecosystem. The project would also use the token to develop new gaming related activities, such as game marketing, gaming data badysis and gaming distribution platform.
Although the relationship between OP.GG and RAID and the reasons why it collapsed is still poorly known, Bittrex said the cancellation was a cautious decision, concluding as follows:
"Bittrex remains vigilant to ensure the integrity of our markets. … When we become aware of significant events, we react quickly to protect our users. "
Image of Bittrex Strategy Manager Kiran Raj via CoinDesk Archive
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