No it is not.
It is possible, I suppose, to create a double rise trick out of IET or loops, but it would not be Box Monster. The idea behind Box Monster is that your hand does not seem to be "pulling" or "pushing" on anything at any time. They are isolated from the movement of the cards, and as such, it eliminates the possibility for invisible thread such as loops. Also, loops would almost definitely break if you try to use them to pull a card from a deck in a box, unless they were VERY new and smooth.
Also, anyone that views Box Monster, and has heard of invisible thread, can strip search you for any on your wrists or hands before you make the cards rise. IET would not allow this to be possible.
So as a final answer, it is NOT possible to perform Box Monster, as taught by Kranzo (with all of the same advantages/disadvantages that the standard trick would have) with loops.
