Its far more than this, the original inhabitants of .io were forcibly removed from these islands by the UK in the 60s. The whole situation with a UK company running this TLD is just the icing on the cake.

gigaom.com/2014/06/30/the-dark-side-of-io-how-the-u-k-is-making-web-domain-profits-from-a-shady-cold-war-land-deal/