From IAAF Competition Rule 160:
1. The length of a standard running track shall be 400m. it shall consist of two parallel straights and two bends whose radii shall be equal. the inside of the track shall be bordered by a kerb of suitable material that should be coloured white, with a height of 50mm to 65mm and a width of 50mm to 250mm. the kerb on the two straights may be omitted and a white line 50mm wide substituted. if a section of the kerb on a bend has to be temporarily removed for Field events, its place on the surface beneath shall be marked with a white line 50mm in width and by cones or flags, minimum height 0.20m, placed on the white line so that the edge of the base of the cone or flag pole coincides with the edge of the white line closest to the track, and placed at intervals not exceeding 4m. (Flags shall be placed at an angle of 60° with the ground away from the track.) this shall also apply to the curved section of the steeplechase track where athletes divert from the main track to negotiate the water jump, to the outer half of the track in the case of starts according to Rule 162.10 and, optionally, to the straights, in this latter case, at intervals not exceeding 10m.
7. Full technical information on track construction, layout and marking is contained in the iAAF track and Field Facilities Manual. this Rule gives basic principles, which must be followed.
So the track was incorrectly marked according to the rules. What are the consequences of running a race on a non-conforming track?
Rule 149:
No performance accomplished by an athlete will be valid unless it is accomplished during an official competition organised in conformity with the Rules.
But I think that section refers to the rules governing the organization of officials, not necessarily the layout of the track. The only logical conclusion is that the entire race gets thrown out, but it would be nice to see that explicitly stated.