Bitrabo Editorial
Ahmad Shadid made the decision to step down as CEO of the Solana-based DePIN Protocol io.net just two days before the scheduled launch of its token, IO.
New Leadership at Solana-Based DePIN Project
Before the IO token launch, Ahmad Shadid announced his immediate resignation as CEO of io.net. The project aims to provide unlimited computing power for machine learning applications through a decentralized physical infrastructure network (DePIN).
Io.net brings together GPUs from various storage providers to offer affordable GPU computing power to AI and ML teams and gives users the opportunity to earn money by renting out their spare GPU capacity.
In his announcement, Shadid stated that stepping down was a carefully considered decision made in the best interest of the community and the project. As a gesture of appreciation, he committed to donating 1 million IO tokens from his allocation to io.net’s GPU foundation to support ecosystem growth.
Tory Green, the former COO and co-founder of the project, has been appointed as the new CEO of io.net. Green assured users that the project remains committed to its goal of becoming the largest AI compute network and making AI accessible worldwide.
Uncertainty Surrounding Io.net’s Future
Shadid emphasized that his resignation was not related to any allegations against him but rather aimed at ensuring the smooth operation and growth of the Solana-based project.
Despite Shadid’s explanation, the crypto community had mixed reactions to the news. While some supported the decision as beneficial for io.net’s future, others expressed skepticism, especially regarding the timing of the CEO’s departure.
Concerns were raised about the possibility of a post-launch market downturn. Shadid addressed these concerns by highlighting the lock-up and vesting period that prevents team members from dumping tokens before June 2025.
However, some community members raised scamming allegations from Shadid’s past, warning investors to exercise caution when considering involvement with the project.
As the situation unfolds post-launch, investors are keen to observe the performance of io.net. The IO token is scheduled to launch on Binance’s Launchpool on June 11, with trading set to begin at noon UTC across various trading pairs.
