RedFOX Labs, a Vietnam-based blockchain Venture Builder, has replaced Coinbene with Coineal to run an IEO [Initial Exchange Offering].

The Komodo-backed project announced,

“We are pleased to announce that RedFOX Labs will be launching the RFOX Initial Exchange Offering with Coineal Launchpad starting on 14:00 April, 12 (UTC) and ending on 14:00 April, 19.
Visit for details >> https://t.co/Xv5wye0WXj pic.twitter.com/OtlBhjoFvS”

— REDFOX_LABS (@redfoxlabs_io) April 8, 2019

The latest development comes weeks after an original announcement by the firm stated the use of CoinBene’s Launchpad for the IEO. RedFOX announced the revocation after several crypto news portals reported suspicious activities associated with CoinBene, including delay in processing withdrawals and deposits. After community members feared another big profile hack, the exchange took to social media to announce a wallet upgrade to help users and partners on its platform avoid market risks in the light of multiple cases of asset theft.

Soon, RedFOX announced its decision to discontinue the IEO on CoinBene Launchpad, and tweeted,

“In light of recent events and due to community request, we will no longer be going through Coinbene. We will be going live on the 12th of April on a top 10 exchange to be announced tomorrow.”

Speaking about the switch from CoinBene to Coineal, the CEO of RedFOX Labs, Ben Fairbank, said that it was important to listen to the community and collaborate with a new “local partner” and move ahead with the IEO.

According to the official post, the IEO will now commence from April 12 to April 19. The official statement released by the firm also stated that the South Korean exchange was strongly “developing a global layout”.

The post also deemed Coineal as an ideal platform for RFOX’s token launch in the Southeast Asian market, citing the exchange’s strong regional footprint [with a stronghold in China, Japan, Korea, Vietnam and more] and a record of successful IEOs.

At press time, Coineal stood 11th on CoinMarketCap in terms of adjusted volume, accounting for $1.12 billion in trade, below Coinbene, which recorded an adjusted volume of $1.14 billion.

The post Coineal chosen as CoinBene’s replacement for facilitating IEO amidst reports of suspicious activity appeared first on AMBCrypto.

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