Ice Open Network’s CEO published a detailed update on Wednesday outlining dramatic cost cuts and a new strategic direction, two days after the project came close to announcing a full shutdown following the ION token crash.
Monthly operating costs have been reduced from approximately $400,000 to $45,000, an 89% cut achieved in 48 hours. The CEO described it as moving fast and cutting deep, keeping only what is essential.
“A good idea means nothing if execution is too slow,” the CEO wrote. “That is the lesson we are taking forward.”
The company is now primarily a development team. Non-essential staff, overhead and side projects have been removed. The CEO said he will personally join the development effort to accelerate the timeline.
To fund operations, the company will activate an automatic daily sale of $1,500 worth of ION tokens from its treasury of just over 1 billion ION. The CEO acknowledged this was not an easy decision but described it as the practical path to keeping the project alive over the coming months.
The new product will be built in a closed-source environment during development. The reason given is speed rather than secrecy, with the CEO stating that shipping matters more than optics at this stage.
In an unusual move, the CEO refused to reveal what the new product actually is. No details, no hints, no timeline beyond a four to eight week window before the first version goes live.
“We are not going to repeat the mistake of overpromising before delivery,” he said. “We will not reveal what we are building until it is ready.”
What he did say is that the product is designed for real-world utility beyond the crypto industry, giving it a broader potential market than anything the project has previously attempted. Growth, he argued, would be driven by genuine demand rather than community belief alone.
The CEO closed with a direct appeal to whatever community remains after the token crash and the subsequent controversy around the project’s governance and history.
Give us four to eight more weeks. Whether that is enough to rebuild trust after a 93% token crash and years of unmet promises is a question the next two months will answer.
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