In a reaction between zinc and iodine, in which zinc iodide is formed, what is being oxidized

 Iodine is more electronegative than zinc, iodine will attract electrons from zinc to form $Zn{I}_2$. The Elemental zinc atom holds $2$valence electrons to donate to the acceptor (iodine), whereas the zinc ion lacks electrons to donate to the acceptor (iodine). So the zinc atom gets oxidized. 

Therefore option (C) is correct.