Not wiping the book and letting this bloodbath continue with prices breaching the roof is not an option as this would be kind of a contract breach, as nobody will get their shares @ or even around the designated IPO price.
Not wiping the order book wouldn't be a breach of contract, as there hasn't actually yet been any transaction.
Best thing to do, IMO:
1) Take everyone's bid above 0.001 and reset the price to 0.001
2) Divide shares evenly among all the bids. So if there are 14 million orders, everyone gets half their order filled.
The problem, of course is that people with huge wallets who want X shares can bid X*(number of shares / number of orders) in order to get X shares.