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.
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.
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.
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.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Crypto lending is gaining traction across Latin America. The driver is practical: users hold volatile…
The U.S. Securities and Exchange Commission (SEC) issued guidance on Monday allowing certain decentralized finance…
Ethereum price has pushed back above the $2,200 level, reclaiming a key psychological zone after…
Ondo Finance has filed a no-action request with the US Securities and Exchange Commission seeking…
Building a crypto product in 2026 means dealing with data from dozens of blockchains, hundreds…
US markets have opened Monday with Bitcoin trading at $70,925.76, down 0.78% over the last…
