Seattle-based cryptocurrency exchange Bittrex just pulled the plug on its first-ever initial exchange offering (IEO). Bittrex says “last-minute” changes to its partnership with RAID caused the platform to cancel the offering.
The sudden reversal came only three days after the RAID (XRD) token sale was announced and just a few hours before it was scheduled to go live.
History in the making! We are excited to announce that Bittrex International will host its first Initial Exchange Offering (IEO) on March 15, 2019 at 10am KST. Learn more: https://t.co/TZFxyqs8Dm pic.twitter.com/KnZfpjjTbo
— Bittrex International (@BittrexIntl) March 11, 2019
But RAID, a blockchain gaming company based in South Korea, got dropped at the eleventh hour when Bittrex lost faith in the startup and decided to shutter the offering.
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
CoinSpeaker has issued a report on their own investigation into RAID. According to the crypto news outlet, RAID left a suspicious trail of evidence that it is not a legit company.
“In the legal announcement by Bittrex, it is noted that XRD tokens will be issued by ONERAID PTE. LTD, a Singaporean company. We tried to find this company on Singapore company regulatory authority ACRA official website. As for them, there is no company with that name registered in Singapore.
There are, however, several companies that have the word “Raid” in their full name (and are also Pte Ltd) but while one being registered for selling alcoholic beverages,