Crypto Mining CEO Ahmad Shadid steps down from his position just days before the token launch.

Io.Net, a Solana-based decentralized infrastructure provider (DePIN) that allows users to contribute extra graphics processing power to a shared pool in exchange for token-based payments, hired its CEO two days before the launch of its native token on Binance Launchpad. I replaced it.

Co-founder Ahmad Shadid posted to X on Sunday, stepping down as CEO and naming fellow co-founder and former COO Tory Green as his successor.

There have been suspicions about my past, but I would like to emphasize that I am stepping down as CEO to allow for these. We will move forward unhindered and focus on growth and success,” Shadid’s announcement post reads in part. Shadid also announced plans to donate 1 million of’s upcoming tokens from his personal stash to the corporate internet. GPU Foundation’s “Helping the Ecosystem Grow”

Going forward, we will continue to execute on the vision Ahmad laid out when founding us. – To become the world’s largest AI computing network, bringing AI to the world,” new CEO Tory Green said in his autobiography. presentationThis reiterated the company’s plan to launch the token on Binance’s Launchpool on June 11. has received sharp criticism from competitors.

Shadid failed to elaborate on the nature of the “claims” referenced in the departure announcement, but has come under sharp criticism from competitors in the DePIN space over the past few months over whether the service actually offers as many GPU chips as it claims. . After Martin Shkreli pointed out that the site reported various metrics about network size, claimed in a detailed postmortem that the attackers were attempting to spoof GPUs to extract more rewards from the system. Other claims relate to Shadid’s involvement in the past primarily with Arabic-language cryptocurrency projects.

Nice to see you Greg Osuri, co-founder and CEO of Akash Network, a competitor in the DePIN space, said they are taking steps in the right direction when asked for comment. He said replacing the CEO was a positive move on’s part. , he said, questions remain about the charges.

Shadid said his token supply will be locked for four years, while other investors and team members will be locked for shorter periods. “We have a lockup + vesting for 4 years, and no investor, advisor or team member will receive any monthly vested tokens before June 2025,” Shadid wrote in a response to criticism of X. The project has reportedly reached $1 billion in fully diluted token value. The Block previously reported on the Series A fundraising round.

“Just two days before the token launch, when asked directly when he would resign, Shadid again responded to X.”I need to make the wisest decisions for the best outcome. $IO Country(.I) is no longer about me. It’s about all of you.” Shadid answered. could not immediately be reached for comment by The Block.

Update: Shortened and paraphrased quote from Osuri.

Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Related Articles

Back to top button