Bittrex International Cryptocurrency Exchange announced the cancellation of the first IEO on its platform. The official reason was cancelation of 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 tokensale contradicts the interests of investors.
Another reason for Bittrex decision 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 Singapore company regulatory authority (ACRA). At the same time, several company names contain the word “Raid”: one sells alcohol, 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 no LinkedIn and Facebook accounts of founders were found. The founder of OP.GG Cheonwoo Park, whose company, according to Forbes, attracted 32 million active users in 30 countries, could not be found in social networks.
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.
At the same time, the project’s Twitter itself says that it has nothing to do with RIOT GAMES.
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.
— 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 a hurry, since the RaidOfficial Twitter account has already existed since May 2010.