Ahmad Shadid Steps Down as CEO of Io.Net, Tory Green Takes Over
According to KriptoKentang, Ahmad Shadid, founder of the decentralized physical infrastructure network (DePIN) protocol io.net, has immediately stepped down as CEO. Despite past allegations against him, Shadid stated that his resignation was to allow io.net to develop without any interference. Current Chief Operating Officer Tory Green will take over as CEO. Shadid also stated his intention to donate one million soon-to-be-released io.net tokens from his personal holdings to the Internet of GPUs Foundation to support the growth of the ecosystem.
Responding to Shadid's announcement, Tory Green acknowledged that under Shadid's leadership, io.net has become one of the fastest growing AI companies in the world. Green assured that his company will continue to realize Shadid's vision to become the world's largest AI computing network and make AI accessible globally. He highlighted the company's accomplishments, including onboarding approximately 20,000 cluster-ready GPUs and serving AI companies such as WonderAI, Krea, and Leonardo with AI inference workloads and end-to-end model training. Green also assured stakeholders that the company's operations have transitioned smoothly under his watch and mentioned that further details regarding the leadership team changes will be shared in the coming days.
io.net's token, IO, will debut on Binance's Launchpool on June 11 at 12:00 UTC, with an initial release of 95,000,000 tokens and total supply capped at 800,000,000 tokens. Shadid's resignation has raised concerns that he might sell his IO tokens at launch and disappear. However, Shadid has addressed these concerns by stating that its tokens are locked for four years and no investors, advisors or team members can sell their monthly private tokens until June 2025.
