We recently reported that RedFOX Labs would be running their IEO on CoinBene scheduled for 8th April. However, on the 28th March CCN, reported that suspicious activity on the exchange appeared consistent with a hack. Since these initial news stories were released, CoinBene have only publicly responded on one occasion and declared the incident as wallet maintenance. Users of the exchange continue to fear the worst as the team remain curiously quiet over the last week.
In light of these recent events and due to requests by the community, RedFOX made the decision to find a new exchange to run their IEO on in order to promote honesty and transparency with potential investors and supporters of the project.
Today we can report that RedFOX will be using Coineal for their IEO which will begin on the 12th April at 14:00 UTC. There will be two rounds for investors to claim their tokens with Round 1 starting on the 12th-15th April and Round 2 taking place between the 17th-19th April. The decision to run in two separate rounds has been made to give people more of an opportunity to invest in the public sale.
Coineal are a South Korean exchange that were established in early 2018 by a team of blockchain practitioners and cryptocurrency investors. At the time of writing they are ranked the 4th highest exchange on Coinmarketcap for volume providing impressive liquidity. Over the last year, Coineal has consistently been in or around the top 10 with regard to daily trading volume.
Although a global exchange, Coineal have a very strong presence in Asia with offices in China, Japan, Korea, Vietnam and more. As RedFOX are looking to initially penetrate these Asian markets and have recently launched an extensive marketing campaign across Asia, this exchange is the perfect solution for their IEO as the token will be in high demand across these regions. The RedFOX head office is also located in Ho Chi Minh, Vietnam which gives the team a strong foothold in this area.
Ben Fairbank, CEO of RedFOX Labs, had this to say on the decision to leave CoinBene and choose Coineal: “We thought it important to listen to the community relating to the recent events. RedFOX Labs decided to find a new local exchange to partner with before making this announcement. We thought it was better than making an immediate decision and leave people not knowing what next. We believe we can now get back to focusing on the fundamentals of the project as we have a big job to do and we are looking forward to doing it well. The support from the community has been extremely encouraging and we look forward to the next chapter for RedFOX Labs.”
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