A Solana-based decentralized infrastructure provider, Io.Net, has replaced its CEO just days before its native token launch on Binance Launchpad. Co-founder Ahmad Shadid announced his resignation on Sunday via X, naming co-founder and former COO Tory Green as his successor.
Shadid mentioned past allegations as the cause of his departure, aiming for Io.Net’s uninterrupted progress. Shadid pledged one million of the platform’s forthcoming tokens from his personal supply to bolster the Internet of GPUs Foundation and ecosystem support.
Shadid said, “While there have been allegations regarding my past, I want to emphasize that I am stepping down as CEO to allow io.net move forward without distraction and to focus on its growth and success.”
New CEO Tory Green reaffirmed the company’s vision to become the world’s largest AI computing network. Green confirmed the token launch on Binance Launchpool set for June 11.
Io.Net has recently faced criticism from competitors regarding its GPU offerings. Allegations include varied network size metrics and Shadid’s past involvement in Arabic-language crypto projects. The company claimed attackers tried to spoof GPUs to gain more rewards, addressing these concerns in a detailed postmortem.
Greg Osuri, CEO of Akash Network, a DePIN competitor, commented positively on the CEO change but noted that questions about the allegations remain.
Shadid clarified on X that his tokens would be locked for four years, with other investors and team members facing shorter lockups. Io.Net’s Series A fundraising round achieved a $1 billion fully diluted token valuation.
Responding to questions about the timing of his resignation, Shadid emphasized that his decision was for the benefit of the Io.Net community. “It’s not about me anymore. It’s about all of you,” Shadid stated.
Shadid’s decision to step down as CEO of Io.Net amidst past allegations, pledging support to the platform’s ecosystem, reflects a strategic move for the company’s uninterrupted progress under new leadership.
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