ICON Foundation (ICX) and Its Council Members Promoted, Endorsed, and Served on the Advisory Team for Blue Whale Foundation (BWX), Touted as 'ICON's First dApp,' but BWX Abruptly Closed after Raising $21 Million USD, Leaving Many Feeling It Was a Rug Pull

As someone who worked directly with both ICON Foundation (ICX) and Blue Whale Foundation (BWX), I feel it’s important to share my experience and concerns about ICON's role in promoting BWX. ICON endorsed BWX as its first decentralized application (dApp), helping it raise millions in its ICO, but the project ultimately left investors empty-handed and abruptly shut down, which many would consider a rug pull / exit scam.

ICON’s council members served on BWX's advisory team while promoting it within the ICON community, and they were reportedly compensated significantly for their involvement. While this endorsement initially gave BWX legitimacy, it’s unclear whether ICON’s leadership conducted sufficient due diligence to ensure BWX was a substantial and ethical project.

Adding to this, ICON has a history of announcing high-profile MOUs with major companies, many of which have not resulted in visible partnerships or real progress. This pattern raises further questions about ICON’s transparency and commitment to its community, especially given their involvement with BWX.

For those interested in diving deeper, I’ve documented as much of the story as I could along with my own observations and experiences in this article I wrote: ICON Foundation (ICX) and its Promotion of Blue Whale Foundation (BWX), a rug pull after raising $21 million USD during its ICO.

My attempts to share this information with the /r/helloicon community, a subreddit I managed during its peak years, resulted in a permanent ban for "spreading FUD." This was despite the fact that I was sharing an honest and accurate account. The moderator who banned me argued that this issue was "old news" from 2017, although the events I discussed were as recent as 2022—and relevant regardless of the timing.

If anyone has information or would like to share their experience regarding Blue Whale Foundation ($BWX) and ICON Foundation ($ICX), please reach out or leave a comment.