DePIN Protocol CEO Steps Down Before Token Launch
Monday, June 10, 2024 10:00 PM
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Ahmad Shadid, the former CEO of the Solana-based DePIN Protocol io.net, has stepped down just two days before the launch of the project’s token, IO. The decision has raised skepticism within the crypto community, particularly due to Shadid’s past. Io.net is a decentralized physical infrastructure network that aims to provide cost-efficient GPU computing power to AI and ML teams. Shadid has donated 1 million IO tokens to the project’s GPU foundation and has assured the community that there will be no token dump as he has a ‘4 years lockup + vesting’. The new CEO, Tory Green, has expressed excitement about the project’s vision to become the largest AI compute network. However, some community members have expressed concerns about the project’s future, citing Shadid’s past allegations and Martin Shkreli’s accusations of misinformation. The IO token is set to launch on Binance’s Launchpool on June 11.
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