I agree, 1 bil shares don't change hands without at least a good bit of eyes on the stock. I think it is a bit of people getting out after holding the bag for so long on no bid(like this thing does every few months) coupled with someone trying to keep it down long enough to pick up a few mil more shares at half the price.
True that. The ask is very thin. Keep in mind that short selling can scare a lot of investors into selling at market price which can be executed at .00001. That's a lot of cash!