Bittrex International Cryptocurrency Exchange announced the cancellation of the first IEO on its platform. The official reason was the gap between the strategic partnership between the RAID project and the OP.GG company. Representatives of the trading platform felt that in such a situation holding a tokensail contradicts the interests of investors.

Bittrex International has canceled the initial exchange offer of the RAID token. We apologize for the inconvenience, but we also wanted to provide a more complete explanation to our users. https://t.co/2pbaZ2X9Dp pic.twitter.com/EXnFd76z2o

– Bittrex International (@BittrexIntl) March 14, 2019

Another reason for resolving Bittrex could be an investigation published on Coinspeaker .

So, it turned out that the Singapore company issuer ONERAID PTE. LTD is not in the official register of legal entities from the Corporate Regulatory Authority (ACRA). At the same time, several company names contain the word “Raid”: one sells alcoholic beverages, the other sells clothing and accessories. A few more are registered before 2010 and seem inactive.

It is noteworthy that any information about the company is missing in Google. Also its co-founders are not on LinkedIn and Facebook. The founder of OP.GG Chen Woo Park, whose company, according to Forbes , attracted 32 million active users in 30 countries, could not be found on social networks.

The site OP.GG said :

“OP.GG has completed all business discussions regarding the RAID project, there will be no economic or technological cooperation with the RAID coin. We do not plan to develop blockchain solutions based on RIOT GAMES. We also intend to sue those who disseminate false facts about our company. ”

At the same time, the project’s Twitter itself says that it has nothing to do with RIOT GAMES.

[Urgent Announcement]
We still have been circulating through various channels.

Our email address is [email protected] pic.twitter.com/XUu4qRozBp

– RAID_Official (@ RAIDOfficial2) March 14, 2019

At the same time, all the names of the co-founders are South Korean. The fact that the non-existent Singapore company most likely did not hire a single Singaporean also seems strange.

In light of the opening facts, the decision to change the XRD ticker to RAID also looks suspicious. It was probably taken in haste, since the RaidOfficial Twitter account has already existed since May 2010.

BlockchainJournal will continue to monitor the situation.

Recall that the holding of tokensale Bittrex reported on March 12.

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