Io.net CEO leaves 2 days before token launch

adminJune 10, 2024

io.net, a Solana-based decentralized infrastructure provider that allows users to rent GPU performance for money, replaced its CEO two days before the project’s token launch.

One of io.net’s founders, Ahmad Shadid, has left “effective immediately” and has been replaced by fellow founder and former chief operating officer Tory Green.

Solana-based AI projects consolidate GPU supplies to create a network where machine learning startups can leverage computing power at a fraction of the cost of traditional clouds.

“There have been doubts about my past, but I would like to emphasize that I am stepping down as CEO so that io.net can move forward without disruption and focus on growth and success,” Shadid posted to X on June 9.

Shadid did not address these “claims” directly. However, critics believe he misled the community about how many GPU chips io.net actually offers.

Additionally, the network suffered a GPU metadata attack on April 28, temporarily reducing the number of active GPU connections from 600,000 to 10,000.

Io.net token to be released

IO, the io.net token, will be launched on Binance’s Launchpool on June 11th at 12:00 AM (UTC). At launch, 95,000,000 IO tokens will be released, with a maximum of 800,000,000 IO tokens in circulation.

The timing of Shadid’s departure has raised concerns that Shadid could “throw away” his IO coins and “disappear” upon launch.

“(It’s) about as shady as depin gets,” industry expert badenglishtea told her 15,300 followers.

However, Shadid responded to the criticism by claiming that his IO tokens will be locked up for four years and that investors, advisors or team members will not be able to sell their monthly holdings until June 2025.

Shadid also said he would personally donate 1 million IO tokens to the company’s GPU Internet Foundation “to help grow the ecosystem.”

The departing CEO did not explain whether he would remain connected to the io.net ecosystem. Cointelegraph reached out to io.net but did not receive an immediate response.

Additional leadership changes at io.net will also be announced “in the coming days,” according to new CEO Green.

Related: Startup demonstrates upcoming decentralized GPU infrastructure network to OpenAI, Uber.

Green said the token launch “ushers in a new phase of growth for the network.”

“We remain steadfast in our mission to build the world’s largest decentralized AI computing network and expect to remain focused on securing and retaining suppliers and attracting new customers.”

Io.net has approximately 20,000 cluster-ready GPUs and is delivering end-to-end AI inference and model training workloads from several AI-focused companies, Green explained.