The ICON Foundation, the creator of the ICON (ICX) project, has issued an official response to the news that South Korean tax authorities are investigating its technical partner, ICONLOOP.
In a statement published on Monday, the chairman of the ICON Foundation, Min Kim, said that the ICON Foundation would not be affected by the investigation, noting that ICONLOOP is operated as a separate entity.
The ICON Foundation is a non-profit organization based in Switzerland. In late 2017 it conducted an initial coin offering for the native coin of the ICON blockchain, ICX, raising over $42 million in the process.
ICONLOOP is the technical partner of the ICON Foundation, operating out of South Korea, and the creator of the “loopchain” technology upon which ICON is based. It has previously been employed by the Seoul government in various blockchain pilots, including explorations into COVID-19 tracking apps, citizen rewards, and mobile driving licenses.
