Ice Open Network announced on Sunday that it is not shutting down, reversing course days after its CEO suggested the project might close if community confidence did not return.
“We stay. We build. We win,” the project posted on X. “We’re restructuring the company from the ground up. Cutting waste. Dropping distractions. Doubling down on what actually matters.”
The announcement described a leaner team, reduced spending and a singular focus on scaling. The project declared its road to a $1 billion market cap begins now.
The Context Behind the Announcement
Just days ago, ION crashed 93% in a single move, dropping from around $0.003 to approximately $0.00024 on April 7. The token is currently trading at $0.0002363, up 50% in 24 hours but still sitting 99.93% below its all-time high of $0.3129 reached in January 2024. Market cap stands at just $1.56 million.
The project built its user base through a mobile mining app that attracted millions of users, many from developing countries including Pakistan, who mined tokens daily through quizzes and referral systems. The promise of value accumulated over years. The April 7 crash wiped most of it out in hours.
What the CEO Said Happened
In a lengthy statement following 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 rather than traditional funding. When that provider’s tokens unlocked on April 7, they sold everything, triggering the collapse.
The team said it had spent over $18 million, taken no salaries and still held over 1 billion tokens in treasury. Monthly expenses run at approximately $400,000 and the project has been operating at a loss.
No names were provided. No wallet addresses were shared as evidence. The identity of the mystery service provider remains unverified.
What Happens Next
The project 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 into the market.
Whether the community chooses to believe that commitment is the question the next few weeks will answer. ICE has 331,690 holders and a circulating supply of 6.61 billion tokens. The gap between the $1 billion market cap target and the current $1.56 million reality is not a rounding error. It is a 64,000% difference.
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