Cryptocurrency exchange Bittrex International announced the cancellation of the first IEO on your platform. The official reason was the break of the strategic partnership project RAID and the company OP.GG. Representatives of the trading platforms felt that in such a situation the holding of licensee contrary to the interests of investors.
Bittrex International has cancelled the initial exchange offering (IEO) of the RAID token. We apologize for the inconvenience, but also wanted to provide a more fulsome explanation to our users. https://t.co/2pbaZ2X9Dp pic.twitter.com/EXnFd76z2o
— Bittrex International (@BittrexIntl) 14 Mar 2019
Another reason for the decision Bittrex could be the investigation published on Coinspeaker.
So, it turned out that the Singapore-based company, the Issuer ONERAID PTE. LTD missing in the official register of legal entities from the management of corporate regulatory (ACRA). However, several of the company names contain the word “Raid”: one sells alcoholic beverages, other clothing and accessories. Several registered prior to 2010 and seem to be inactive.
Notably, any information about the company in Google. Also her and the co-founders are not on LinkedIn and Facebook. Failed to be detected in social networks and the founder of the OP.GG Chan Woo Park, whose company, according to Forbes, has attracted 32 million active users in 30 countries.
On the website OP.GG says:
“OP.GG has completed all of the business discussions in respect of the draft RAID, there is no economic or technological cooperation with the coin RAID will not. We do not plan to develop blockchain-based solutions RIOT GAMES. We also intend to sue those who spread false facts about our company.”
While Twitter itself says that is irrelevant to RIOT GAMES, he has not.
We have already made several announcements about this issue, yet we are making another announcement as we found that such misleading information is still circulating through various channels.
Our email address is [email protected] pic.twitter.com/XUu4qRozBp
— RAID_Official (@RAIDOfficial2) 14 Mar 2019
Simultaneously, all the names of the co-founders Korean. The fact that the most likely non-existent Singaporean company had not hired any citizen of Singapore also seems strange.
In light of the opening facts, the decision to change the Ticker XRD on the RAID also looks suspicious. It was probably made in haste, as the Twitter account RaidOfficial already existed since may 2010.
ForkLog will continue to monitor the situation.
We will remind, on the conduct of licensee Bittrex announced March 12.
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