The post Io.net CEO, Ahmad Shadid, Departs Before Token Launch appeared on BitcoinEthereumNews.com.

Ahmad Shadid, DePIN Protocol Io.net CEO, left “effective immediately” two days before token launch but said it wasn’t related to allegations regarding his past. Solana-based decentralized infrastructure provider io.net, which lets users rent out GPU power for money, replaced its CEO two days before the project’s token launch. $IO Nation, Today I am stepping down as the CEO of https://t.co/pI9FcfdM87, effective immediately. https://t.co/pI9FcfdM87 has grown to be one of the fastest growing decentralized AI companies in the world. After careful consideration, I have decided that it is in the best… — SHADID | $IO™ (@shadid_io) June 9, 2024 Ahmad Shadid, one of the founders of io.net, left “effective immediately” and was replaced by fellow founder and former chief operating officer Tory Green. The Solana-based AI project aggregates GPU supply to create a network for machine learning startups to tap into computing power at a fraction of the cost compared to the traditional cloud. “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,” Shadid posted to X on June 9. Shadid didn’t directly address those “allegations” — though critics believe he had misled the community on how many GPU chips io.net actually offers. The network also suffered a GPU metadata attack on April 28, which resulted in the number of active GPU connections temporarily falling from 600,000 to 10,000. Io.net Token To Launch The io.net token, IO, is set to launch on Binance’s Launchpool on June 11 at 12:00 am UTC. 95,000,000 IO tokens will be released at launch, and a maximum supply of 800,000,000 IO tokens can ever enter circulation. The timing of Shadid’s departure prompted concern that Shadid may “dump” his IO coins…

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Filed under: News - @ June 10, 2024 5:28 pm