Solana-based decentralized infrastructure provider io.net has announced a significant leadership change just two days before the launch of its highly anticipated token.
Solana-based decentralized infrastructure provider io.net has announced a significant leadership change just two days before the launch of its highly anticipated token. Ahmad Shadid, one of the original founders and the now-former CEO, has stepped down "effective immediately," passing the baton to fellow founder and former Chief Operating Officer Tory Green.
The timing of Shadid's departure has raised eyebrows within the crypto community, especially given the proximity to the IO token launch on June 11. io.net, a project that aggregates GPU supply to provide affordable computing power for machine learning startups, is set to release 95 million IO tokens on Binance’s Launchpool, with a total maximum supply of 800 million tokens.
Shadid’s exit comes amid swirling allegations about his conduct and the actual GPU capacity io.net offers. In a statement posted on X (formerly Twitter) on June 9, Shadid addressed the rumors indirectly, stating, "While there have been allegations regarding my past, I want to emphasize that I am stepping down as CEO to allow io.net to move forward without distraction and to focus on its growth and success." Critics have suggested that Shadid may have misled the community about the number of GPU chips available through io.net. This skepticism was further fueled by a GPU metadata attack on April 28, which temporarily reduced the number of active GPU connections from 600,000 to 10,000.
The sudden leadership change has sparked concerns among investors about the potential for Shadid to "dump" his IO tokens and disappear after the launch. Shadid, however, was quick to respond, assuring the community that his IO tokens are subject to a four-year lockup period. He stated that no investor, adviser, or team member could sell their vested tokens until June 2025. Additionally, Shadid pledged to contribute one million IO tokens to the firm’s Internet of GPUs Foundation to support the ecosystem's growth. Despite his departure, Shadid did not clarify whether he would maintain any connection to io.net.
Newly appointed CEO Tory Green commented on the transition, emphasizing that the upcoming token launch signifies a new growth phase for io.net. “We remain unwavering in our mission to build the world’s largest decentralized AI compute network and expect to focus heavily on acquiring and retaining suppliers and onboarding new customers,” Greensaid.
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