ICON press release explains recent FUD surrounding founders dumping coins

15 Nov, 2018
by Ryan Boltman
ICON press release explains recent FUD surrounding founders dumping coins

In the past two weeks, the ICON community believed that the team had increased the current supply of coins and were dumping coins on exchanges. The price of $ICX has fallen to a new yearly low where it current sits at $0.43 following a massive sell off. Due to the lack of communication from the team, speculation has been rife regarding the possibility of the team crashing the prices. However, ICON have reached out in a Medium post to cover the FUD saying "we are continually looking for ways to address your concerns"

The lengthy Medium post covers several topics including the fact that the teams communication to the community will be better addressed in the future.

ICON announced a new head of institutional markets and contributor relations in Ricky Dodds. Dodds will be responsible for engaging with the global audience and explore new markets for the ICON project.

ICON also addressed the hostile environment that currently shadows all social media platforms and announced it would be doing more to clean up these channels of communication with the inclusion of an F.A.Q portal to "better address important questions from our community in a more timely manner."

The team also discuss upcoming plans between ICON and ICONLOOP, the company contractually obliged to build on the ICON public chain. The goal of the two parties will be to connect Private ICONLOOP networks to ICON via the ICON Nexus to allow interoperability with the public chain and other chains, using $ICX for transaction fees.

One of the more notable issues mentioned was that of the circulating supply of $ICX and the FUD surrounding the recent sell off of $ICX. ICON mention that the supply has grown by 73 Million coins in recent weeks and that the FUD was caused due to their lack of timely communication. After apologizing, the team explain that the majority of unlocked $ICX tokens were based on "contractual vesting schedules of strategic partners and advisors and not in order to ‘market sell’ tokens by the ICON Foundation as some have suggested."

ICON explain that all 400 million ERC-20 $ICX tokens sold, were distributed to token sale contributors with the team receiving NONE of these.

The increase in supply is due to vesting schedules that are contractual in nature will continue to increase the token supply over time. That said, we will address future increases in a more timely manner.

Lastly, ICON explain that the repurchase program that was previously announced can not be elaborated on due to legal advice surrounding potential price manipulation and other factors.

Stay up to date with ICON news on their Medium page.

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Read more about: ICON (ICX)


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