Ice Open Community introduced on Sunday that it will not shut down, reversing course days after its CEO steered the challenge could possibly be shut down if neighborhood belief is just not restored.
The challenge posted on X: “We keep, we construct, we win.” “We’re rebuilding the corporate from the bottom up. We’re chopping waste, eliminating distractions, and doubling down on what actually issues.”
The announcement describes a deal with leaner groups, lowering spending, and rising scale. The challenge declared that the trail to a $1 billion market cap begins now.
Background of the announcement
Just some days in the past, ION crashed 93% in a single transfer, dropping from about $0.003 to about $0.00024 on April seventh. The token is at the moment buying and selling at $0.0002363, up 50% in 24 hours however nonetheless 99.93% under its all-time excessive of $0.3129 set in January 2024. The market capitalization is simply $1.56 million.
The challenge constructed its consumer base by way of a cell mining app. It attracted thousands and thousands of customers, many from creating international locations, together with Pakistan, who mined tokens each day by way of quizzes and a referral system. We promise worth accrued over a few years. The April 7 crash worn out most of it inside hours.
What the CEO mentioned occurred
In a prolonged assertion after the crash, the CEO blamed the collapse on an nameless service supplier that had supported the challenge for 4 years by way of token-based contracts somewhat than conventional funding. When that supplier’s tokens have been unlocked on April seventh, they bought all the pieces, inflicting a collapse.
The workforce mentioned it nonetheless has greater than 1 billion tokens in its treasury, regardless of spending greater than $18 million and never receiving a wage. Month-to-month bills quantity to roughly $400,000, and the challenge is working at a loss.
No identify was offered. No pockets deal with is shared as proof. The id of the thriller service supplier stays unconfirmed.
what occurs subsequent
The challenge says it’s restructuring, chopping prices and refocusing. It has promised to burn the remaining tokens somewhat than promote them in the marketplace if the challenge ends.
Whether or not the neighborhood chooses to consider in that dedication is a query that can be answered within the coming weeks. ICE has 331,690 holders and a circulating provide of 6.61 billion tokens. The distinction between the market cap goal of $1 billion and the present actuality of $1.56 million is just not a rounding error. That is a 64,000% distinction.
