The Xirtam token’s initial airdrop offering (IAO) on the AlienFi decentralized exchange on April 26 was canceled in the last minute. It is unclear who was responsible for the cancellation, but AlienFi claimed that Xirtam conducted a seed sale before the IAO at a much lower price than the Fjord price, which led to a pricing dispute and, ultimately, the cancellation.
Xirtam had previously scheduled a presale with Fjord Foundry, and a private public sale with AlienFi. The IAO was supposed to raise 350 ETH for 50 million Xirtam tokens, but the presale had already raised $3.9 million between April 23 and April 26.
An IAO involves a predefined token allocation for investors, and after the sale ends, the tokens are distributed pro-rated to contributors based on the percentage of funds they contribute. The listing price is set before the sale and is lifted after the sale ends, and the token is listed.