European cryptocurrency exchange Bittrex International has scrapped its first “initial exchange offering” (IEO), just hours before the RAID crypto token sale was scheduled to commence.

RAID Crypto Token Sale Called off Hours Before Launch

The cryptocurrency exchange announced the halt to the sale on Twitter, explaining that it made the decision to boot RAID from its platform after the project made “significant, last minute changes.”

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 Global (@BittrexGlobal) March 14, 2019

RAID had become embroiled in controversy in the hours leading up to the March 15 token sale.

RAID marketed itself as a way to “give data ownership back to users using blockchain technology,” specifically through a “decentralized game data ecosystem where data can be freely exchanged amongst users.”

“[B]y leveraging the game data ecosystem, we are planning to promote and develop new businesses such as advanced game marketing, game data analysis and game distribution platform.”

RAID touted its relationship with “core partner” OP.GG, an e-gaming data analytics company that boasts nearly 500 million monthly page views, according to its website.

“OP.GG provides insights to gamers for League of Legends, PlayerUnknown’s Battlegrounds, Overwatch and eSports. We are building a platform where gamers can express and share their game identities and experiences.”

In fact, RAID’s founders, Cheonwoo Park and Taesung Kim, are listed as the CEO and CSO of OP.GG both on the RAID website and their LinkedIn profiles.

However, shortly before the IEO, OP.GG issued a statement distancing itself from the RAID project:

“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.” “Thank you.”

Crypto Exchange: ‘IEO’ Platform Would Provide ‘Peace of Mind’

The whole incident is more than a bit ironic, given that Bittrex International had touted its new “IEO” platform as a way for crypto investors to achieve “peace of mind” when participating in blockchain token sales.

As Bittrex International’s Bill Shihara said in a press release announcing the RAID IEO:

“Now our international users have direct access to blockchain projects with the peace of mind that comes from Bittrex International regulated in Malta. We are excited for this IEO and look forward to helping similarly innovative teams connect with users to build their platforms for the future.”

Update: Bittrex International published a full statement addressing the RAID token sale: