Ahmad Shadid, the founder of the decentralized physical infrastructure network (DePIN) protocol io.net, announced his resignation as CEO on June 9. Despite past allegations against him, Shadid stated that he is stepping down to allow io.net to move forward without interference. He announced that Chief Operating Officer Tory Green will take over as CEO, emphasizing that his decision is to focus on the company’s growth and success.
Shadid also disclosed that he plans to donate one million of io.net’s soon-to-be-released tokens to the Internet of GPUs Foundation to support the ecosystem’s growth. Tory Green, in response to Shadid’s announcement, acknowledged the company’s evolution under Ahmad’s leadership and assured stakeholders that io.net will continue to pursue its vision of becoming the world’s largest AI compute network.
Green highlighted the company’s achievements, including onboarding 20,000 cluster-ready GPUs and serving AI companies such as WonderAI, Krea, and Leonardo with AI inference and model training workloads. He reassured stakeholders that the company’s operations had been smoothly transitioned under his oversight, with more details about leadership team changes to be shared in the future.
The io.net token, IO, is set to launch on Binance’s Launchpool on June 11, with initial token release of 95,000,000 and a total capped supply of 800,000,000 tokens. Shadid’s resignation raised concerns that he might dump his tokens at launch and disappear, leading some to speculate that it could be a rug pull. However, Shadid clarified that his tokens are locked for four years, and no investor, adviser, or team member can sell their monthly vested tokens until June 2025.
In conclusion, Shadid’s resignation as CEO of io.net marks a new chapter for the company as Tory Green takes on the leadership role. The company’s focus on growth and success remains paramount, with plans to continue expanding as a decentralized AI network. The launch of the IO token on Binance’s Launchpool presents an opportunity for investors, with safeguards in place to address concerns of potential token dumping. Stakeholders can expect further updates on leadership team changes as io.net continues its journey as a leading player in the AI industry.
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