As a long-term crypto investor with a keen interest in decentralized AI projects, I’m closely following the developments at Io.Net and their upcoming token launch on Binance Launchpad. The sudden resignation of co-founder and CEO Ahmad Shadid just days before the event raised some eyebrows, especially considering the recent allegations against him.
A decentralized infrastructure provider on the Solana blockchain, Io.Net, has made a leadership change: Co-founder Ahmad Shadid stepped down as CEO days before their native token debut on Binance Launchpad. In a statement shared on X, he appointed his co-founder and former COO, Tory Green, to take over the role.
As the analyst of IO Nation, I’m announcing my departure from my role as CEO, beginning today. IO Nation’s meteoric rise as a leading decentralized AI company has been an incredible journey. After much deliberation, I believe this transition is what’s best for our team and the company’s future success.
— SHADID | $IO™ (@shadid_io) June 9, 2024
Shadid explained that previous accusations led to his resignation, with the ultimate goal of keeping Io.Net running smoothly. He promised to donate a million tokens from his own stash for the Internet of GPUs Foundation and its associated community, boosting their growth.
I understand that concerns have been raised about my past. Nevertheless, I wish to clarify that my decision to step down as CEO of io.net is driven by a desire to let the company continue unhindered in its journey towards growth and achievement of success.
Tory Green, our new CEO, has reinforced the company’s ambition to lead as the biggest AI computing network globally. He announced the upcoming token launch on Binance Launchpool, scheduled for June 11th.
It’s a privilege for me to take over as CEO at [Company Name], starting from today. Under the guidance of @shadid_io, this company has achieved remarkable growth and become one of the fastest-expanding AI firms globally. Moving forward, we remain committed to carrying out our vision.
— tory.io 🦾 (@MTorygreen) June 9, 2024
Io.Net has been under fire from rivals over its GPU offerings lately. Critics have raised issues such as inconsistent network size measurements and Shadid’s past association with Arabic-crypto projects. In response, the company admitted attempts to manipulate GPUs for increased rewards, addressing these accusations in a comprehensive postmortem report.
Greg Osuri, the CEO of Akash Network, which is in competition with DeFi Project Incubator (DePIN), expressed approval towards the new leadership at DeFINi but emphasized that the accusations levied against them still warrant clarification.
Shadid made it clear during X’s discussion that his tokens would be locked in for a period of four years, whereas other investors and team members were looking at shorter lockups. The Series A funding round for Io.Net successfully reached a token valuation of one billion dollars after accounting for all potential shares.
Shadid made it clear in responding to queries regarding his resignation that his primary consideration was the well-being of the Io.Net community. He expressed that the focus had shifted from him personally to the collective group.
Shadid’s decision to relinquish his role as Io.Net’s CEO, in light of previous controversies, represents a calculated step towards ensuring the continuity of the company’s growth under fresh management. He has pledged his commitment to the ecosystem.
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2024-06-10 06:44