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⏰️ A gentle reminder
Ice Open Network will deal with many people.
The time bomb is ticking, you'll later understand and appreciate me.
If you fall victim to the $ION $ICE rug plans after all I have said, then you are to be blamed for being adamant.
Ice Open Network collapse explained as token unlock triggers massive $ION selloff, revealing $18M spend and funding risks.
Read More👇
https://t.co/NUYrmpWH49
With reactions from the community.🔽 https://t.co/KJgu48MtZ5
$ION just showed us exactly why retail keeps losing
Not because of bad luck but because the game was rigged before we even knew we were playing
Here's what happened:
For 4 years, Ice Network built a massive community
Funded itself through a secret deal with one "service provider" who held a massive amount of tokens
No disclosures
No transparency
Just your typical ‘trust me bro’
That provider dumped and the token is down 87% in 7 days 📉
The CEO's explanation?
The provider "got spooked", claimed his tokens, and sold it all
Apparently even losing money on the deal and I’m sure we all feel bad for him 🤨
Except the project spent $18 million over those 4 years. No salaries. No bank account. Operating out of the BVI.
All funded by this one mysterious counterparty who took tokens instead of cash
Now they're burning $400K/month and need to sell treasury tokens to survive
And if the community doesn’t show enough confidence, they'll shut it down
We will see MANY projects in the same position this year
Oh, and buried at the bottom: exchange extortion claiming too many users were from "Tier 3 countries."
Read that again
The community got penalized for living in the wrong zip codes 🤯 (follow up post on that soon…)
But this is just how Web3 works I guess
Secret deals with silent stakeholders
No accountability until collapse
Retail absorbs 100% of the damage
And when it all falls apart, founders play victim while sitting on unlocked allocations
The CEO says they lost the most but let’s be real😏
This isn't an exception. It's the standard playbook.
And until we demand better, nothing will change
🚨 An Update from the CEO
I want to speak openly about the situation we are facing.
For more than four years, our company has operated out of the BVI without a traditional bank account. Throughout that time, the business was funded primarily through token-based agreements. That meant development, infrastructure, marketing, legal, and many other operational costs were covered through tokens rather than fiat. This was possible because we worked with a service provider who believed deeply in our vision and agreed to support the project in exchange for tokens.
For over four years, that provider stood by us and helped us build. However, due to recent market conditions, he lost confidence in the project and decided to claim tokens that were scheduled to unlock after two years, on 7 April. That event triggered the crash you have seen and brought our collaboration with him to an end. It has also placed the company in a very difficult position.
Over the previous four years, the total cost of building this project has e
