io.net CEO Resigns Amidst Token Release Controversy

Monday, June 10, 2024 9:35 AM
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io.net CEO Resigns Amidst Token Release Controversy cover

Ahmad Shadid, CEO of Solana-based decentralized infrastructure provider io.net, has stepped down amidst controversy surrounding the company’s token release and operational issues. The token, initially delayed from an April launch, is now set to be listed on Binance Launchpool. However, the resignation of Shadid, just days before the token’s general trading commencement, has raised concerns. io.net has faced challenges, including a multi-account attack and the use of counterfeit GPUs, which Shadid claimed to have resolved. Competitors have also questioned the accuracy of io.net’s reported figures. Despite the turmoil, Shadid has assured that his reserved tokens will remain locked for four years, and he will donate 1 million io tokens to the project’s foundation. The platform enables users to monetize their idle GPU processing power, with the token launch having experienced delays.

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