Cryptocurrency exchange Bittrex has reportedly canceled an IEO (initial exchange offering) hours before its launch. The RAID project was expected to make $6 million USD by selling its XRD token to customers on the Bittrex exchange.

Canceled RAID Project

Bittrex reportedly called off the token sale after it learned that the RAID project had suddenly terminated its partnership with e-gaming data analytics company OP.GG.

According to Bittrex, the partnership “was a vital part of the RAID project,” Bittrex said in a statement. “When Bittrex International became aware of this significant event, we did not feel that it was in the best interest of our customers to move forward with the IEO.”

However, OP.GG has claimed that the alliance with RAID was never a sure thing to begin with, stating:

“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.”

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RAID

RAID has claimed that it, not Bittrex, pulled the IEO, saying “it would not be right to proceed as scheduled […] after a discussion with Bittrex, RAID Team came to a final decision to not proceed with IEO.”

Customers who participated in a previous token sale will be issued refunds through Cobak.

The XRD token was created as a means to “give data ownership back to users using blockchain technology” using a game data ecosystem. The token would also be used to develop game-related business, according to the project.

What we know is that the IEO has unraveled along with the relationship between the RAID project and Bittrex. Much remains unclear, however, over the true nature of RAID’s relationship with OP.GG.