Official Response to ICONLOOP Investigation by Korean Tax Authorities

Dear ICONists,

This post is in response to an article published today by Paxnet News. We want to make it clear that the ICON Foundation is not under investigation by the Korean National Tax Service authorities. The ICON Foundation is regulated by the Swiss Financial Market Supervisory Authority (FINMA). We have worked diligently with our accountant(Lucris), auditor(Grant Thornton), and tax attorney(MME) to meet all financial and regulatory requirements.

As mentioned in the article and as many of our community members are already aware, ICONLOOP is operated independently from the ICON Foundation. ICONLOOP is an important technology partner for the ICON Foundation. Our legal contracts with ICONLOOP have met all legal requirements; therefore, we are confident that this investigation would not affect the deliverables and progress for the ICON project.

Thank you,

Min Kim

Chairman, ICON Foundation

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