Breaking: Bittrex Int’l Scraps ‘IEO’ amid Controversy over Crypto Startup RAID
Originally published on: CCN
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March 14, 2019
European cryptocurrency exchange Bittrex International has scrapped its first “initial exchange offering” (IEO), just hours before the RAID crypto token sale was scheduled to commence.
The cryptocurrency exchange announced the halt to the sale on Twitter, explaining that it made the decision to boot RAID from its platform after the project made “significant, last minute changes.”
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. We will provide a more complete statement shortly.
— Bittrex International (@BittrexIntl) March 14, 2019
Bittrex International has not yet released a full statement on the matter, but RAID had become embroiled in controversy in the hours leading up to the March 15 token sale.
RAID had touted its relationship with “core partner” OP.GG, an e-gaming data analytics company that boasts nearly 500 million monthly page views, according to its website. In fact, RAID’s founders, Cheonwoo Park and Taesung Kim, are listed as the CEO and CSO of OP.GG both on the RAID website and their LinkedIn profiles.
However, shortly before the IEO, OP.GG issued a statement distancing itself from 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.”
“OP.GG will take all possible legal measures against individuals or organizations disseminating false facts related to this.”
The whole incident is more than a bit ironic, given that Bittrex International had touted its new “IEO” platform as a way for crypto investors to achieve “peace of mind” when participating in blockchain token sales.
As Bittrex International’s Bill Shihara said in a press release announcing the RAID IEO:
“Now our international users have direct access to blockchain projects with the peace of mind that comes from Bittrex International regulated in Malta. We are excited for this IEO and look forward to helping similarly innovative teams connect with users to build their platforms for the future.”
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