Anatomy of a New Token Offering - What Do You Think?

Anatomy of a New Token Offering - What Do You Think?

By Crypto Eric | Blockchain Auditor | 24 Feb 2021

I have been following a new token offering. I have no stake in it whatsoever, so you will find no affiliate link, and this is absolutely not a recommendation. But if you have not followed this process before, it lets you follow one from its earliest days.

The last time I sort of saw something like this was the early days of DragonChain. The DragonChain people said they were a group of Disney programmers who had been working on a blockchain solution, had a bunch of tokens, planned to keep a bunch for themselves, and then would sell a number to whoever would give them money. In that offering (2017 November), people threw $14M USD at them, and the coins were distributed proportionally to the folks who gave them money. The buyers watched their $14M become $1.2B within two months. In February 2021, the market cap is back to $40M, having been back to $14M earlier this year, and the market is not bullish.

Anyway, back to the present, already in progress ...

The URL of this new offering is

That URL was registered on earlier this month.

Some observations about the web site and branding information:

The branding is RELX, along with "Reed Elsivier"

Here are the logos of the token company issuing RELX and a global company known as RELX Group.

Comparing RELX logos

There is an international company called RELX Group. According to Wikipedia, the global company (not the token issuing company) is known as follows:


The company, which was previously known as Reed Elsevier, came into being in 1992, as a result of the merger of Reed International, a British trade book and magazine publisher, and Elsevier, a Netherlands-based scientific publisher. The company re-branded itself as RELX in February 2015.


Many people know "the" Reed Elsivier, as one of its products - LexisNexis - is used by professionals globally to look up legal information.

The token issuing organization uses both the names Reed Elsevier and the branding RELX. This leads the observer to wonder - is this an effort by the traditional company to get into crypto space, or it is another organization that - coincidentally or intentionally - is using the name and branding of a globally known organization?

For what it's worth, RELX Group uses Open Sans for its font, while RELX (the token group) uses Poppin for its branding.

The traditional sections of an ICO are missing

When teaching the investing community about scams, the US Securities and Exchange Commission showcases what to look for in a scam on their website Howeycoins.

Some of those signs include

  • Pictures and names of a team
  • Pictures and names of celebrity promoters
  • An obfuscated and complicated whitepaper
  • Promises and guarantees

Looking at the token selling site (, you will find

  • No team members listed; in fact, no names whatsoever, only an email for the CEO
  • No promoters
  • No whitepaper

Information shown is very general

There is very little actual content on the website. It is fascinating to read the content from the folks going after the bounty, speaking about the professional team, the great technology, the important distinctives ... because they just aren't provided on the website.

What is there is confusing. This starts not just with the naming issues, but the primary branding: "RELX is the World's Best Complete USA Dedicated Token." There is no clarification that helps parse any of that phrase:

  • There is no indication of what the token has to do with the "USA"
  • There is no indication of what makes it "complete"

There is simply no back up to the brand phrase at all.

Contact information is a Missouri area code phone number and a New York address - an address that only appears in searches for this effort and not on Google Maps or Google search. It certainly does not agree with the New York headquarters for the global company.

Bounty Hunters pulling information out of thin air?

I have been a (very close) observer of a bounty program for another token offering, so I am aware of how willing people are to say anything and provide their personal recommendation for a few free tokens with no knowledge of the topic whatsoever.

In their FAQs, they note, "RELX providing a stable, secure, transparent and open business platform for a non-inflationary DeFi ecosystem. It‘s aimed to provide yield generating investments strategies to long-term COIN holders."

Strong project ...user-friendly features will be a big leader ... meets all modern requirements ... good team, well planned future

but mostly

After the airdrop, how quickly can I withdraw the tokens and sell them?


It's Up to You ...

So, that's the initial analysis; an offering comes out of nowhere, says very little, engages a community willing to say anything for a piece of the pie, and may make a good number of bucks for a few people. Perhaps all above board, perhaps not. 

This is all supposed to culminate in a few days; the airdrop ends 28 February. What do you think?

One way or the other, if you have not had the opportunity to watch something form from the beginning, here's an interesting case study.

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Blockchain Auditor
Blockchain Auditor

The Blockchain Auditor blog is focused on accounting and audit issues related to blockchain and crypto-assets. There will be content of interest to those with an interest in topics such as accounting for cryptoassets, audit procedures related to blockchain and distributed ledger technologies, blockchain for improving audit processes, taxation of cryptoassets, and trust.

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