TL;DR
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Full Story
Following judgment, the Northern District Court of California awarded ICON Foundation all requested legal fees and ordered that the remaining seized assets be converted into ICX and permanently destroyed. We can now confirm that this process has been fully executed:
A court appointed receiver carried out all conversions, without the ICON Foundation’s involvement.
Regular conversions to ICX were made in amounts less than $500,000 over two months.
On July 18, 2025, a total of 75,313,432 ICX was sent to the designated burn address.
We again extend our sincere thanks to our legal partners, Manatt, Phelps & Phillips LLP and Morrison Cohen LLP, whose tireless work made this outcome possible.
Most importantly, we want to thank the ICX Community for their patience and understanding through the past 5 years. As with most ongoing litigation cases, there have been limits on what we can communicate openly during proceedings. We are however glad to share this resolution with you all today.
Changes to token supply
You may notice that this burn is not yet reflected in ICX’s circulating supply metrics. This is due to the burn being carried out directly, rather than through the usual programmatic method. The team is currently working on a fix so that this recent burn is reflected fully in our data.
Additionally, this reduction in ICON (ICX) circulating supply will not inform any change to the initial total supply for SODAX (SODA), which is fixed at 1.5Bn tokens. It is expected to have some effect on initial circulating supply, though this will be alongside many factors long-term, including: inactive holders/wallets, lost funds etc.
Moving forward
Completion of the recovery and burn brings this challenging chapter to a close. Returning token issuance to its intended path before we enter the next phase of our journey, with the migration of remaining ICX tokens to SODA.
For reference, you may review previous communications around this case linked below, alongside the final receiver’s report:
The court order for the original summary judgement here.
The judgement on our motion seeking compensation here.
The final receiver’s report here, and below.
