Ice Open Network (ION) posted on X Sunday that it is not shutting down, reversing course after the CEO suggested the project might close if community confidence did not return. “We stay. We build. We win,” the project wrote. “We’re restructuring the company from the ground up. Cutting waste. Dropping distractions. Doubling down on what actually matters.” The announcement declared the road to a $1 billion market cap begins now.
What Caused the 93% Flash Crash
Days earlier, ION crashed 93% in a single move on April 7, dropping from around $0.003 to approximately $0.00024. The token currently trades at $0.0002363, up 50% in 24 hours but still 99.93% below its all-time high of $0.3129 from January 2024. Market cap stands at just $1.56 million.
In a lengthy statement after the crash, the CEO attributed the collapse to a single unnamed service provider who had supported the project for four years through token-based agreements. When that provider’s tokens unlocked on April 7, they sold everything, triggering the collapse. The team says it has spent over $18 million, taken no salaries, and still holds over 1 billion tokens in treasury. Monthly expenses run at about $400,000, and the project has been operating at a loss. No names or wallet addresses were provided as evidence; the mystery provider remains unverified.
Mobile Mining Community Wiped Out
The project built its user base through a mobile mining app that attracted millions, many from developing countries including Pakistan, who mined daily through quizzes and referrals. The April 7 crash erased years of accumulated value in hours.
Restructuring and a 64,000% Gap
ION says it is restructuring, cutting costs, and refocusing. It has committed to burning remaining tokens if the project ever does close, rather than selling them. With 331,690 holders and a circulating supply of 6.61 billion tokens, the gap between the $1 billion target and the current $1.56 million reality is a 64,000% difference. Whether the community trusts that commitment will be decided in the coming weeks.