IEO of RAID has been canceled
It was on the 10th of March when one of the biggest and oldest crypto exchanges - Bittrex - has announced its first IEO - Initial Exchange Offering. It is a new trend in the cryptocurrencies market made by Binance Launchpad. The difference, between IEO and ICO is that projects are launching right on the exchanges and you can buy tokens right from your exchange account. Additionally, such projects have to pass strict due diligence before the official launch of the IEO. It is a big step in terms of secureness of investments because each exchange is responsible for the projects launched from their launchpad.
Currently, there are just 3 working launchpads:
- Binance Launchpad - The first and the most famous for now. It has been launched around 2 years ago, but the active phase just began a few weeks ago. The following IEOs has been concluded there:
- BitTorrent (Current ROI: >600%)
- FetchAI (Current ROI: >300%)
- Celer Network (Upcoming project)
- Bitmax Launchpad - It was the second exchange who made an IEO after Binance. It was the first attempt and IEO was only for $1 700 000 but this Hard Cap has been reached in few seconds DOS Network (Current ROI: >200%)
- Bittrex - the oldest exchange in this list. They’re planning to conduct RAID IEO, but few red flags have appeared unexpectedly.
Just one day before IEO, RAID’s main partner - the biggest South Korean game data provider - OP.GG has announced that they canceled their partnership with RAID and do not have any relations to the project anymore. Right after the announcement, a huge FOMO has started.
All people in chats have divided into two separate groups, those who still are going to invest into RAID and those who are not. The project’s team didn’t make any announcement to clarify what is going on and moreover, they’ve just muted their Telegram chat and stopped all activities.
Due to this fact, a lot of conspiracy theories have appeared. Most of them are based on different rumors about the team of RAID and Bittrex exchange. The team doesn’t respond to questions and Bittrex also didn’t reply for our inquiry regarding the announced IEO. It scheduled to start tonight and everyone is confused now. As we are talking about financial investment, we strongly recommend our subscribers to stay away from the RAID project until any official explanation made by Bittrex exchange.