- Solana-based io.net’s CEO Ahmad Shadid has announced that he is stepping down from his role with Tory Green tipped to take over.
- With the io.net token, IO, scheduled to be launched on June 11, several investors fear the outgoing CEO may dump his tokens and disappear.
Co-founder of the Solana-based decentralized infrastructure provider io.net, Ahmad Shadid, has announced that he is stepping down as the CEO following allegations that he misled the community on the number of GPU chips io.net offers. According to him, his decision is to enable the company to focus on its growth and success without any distractions.
Over the past few months, io.net has faced a series of criticisms from rivals in the DePIN space over the suspicion that the company probably does not offer as many GPUs as it claims. Several industry heavyweights including Martin Shkreli observed that the site reports different metrics for its network size. However, Shadid clarified that its network was attacked by users attempting to spoof GPU availability in exchange for future rewards.
Like many startups, we move fast, and sometimes we break things. In this case, something broke, and someone or some group sought to exploit that.
Io.net also experienced a cybersecurity breach after a malicious user exploited exposed user ID tokens to launch a system query language (SQL) injection attack. This led to authorized changes in device metadata within the graphics processing unit (GPU) network.
In response to this, a security measure was activated through the implementation of SQL injection checks on APIs and enhancing the logging of unauthorized attempts. This security update, however, coincided with the snapshot of the rewards program, causing the active GPU connections to fall from 600,000 to 10,000.
Fortunately, the team has restored order and arranged for the co-founder and former Chief Operating Officer Tory Green to take over the CEO position.
The Outgoing io.net CEO Dismisses Rumors of Possible Dump of His Tokens
In his departure message, Shadid stated that he would be donating 1M $IO to io.net’s Internet of GPUs Foundation as a gesture of gratitude.
io.net has grown to be one of the fastest-growing decentralized AI companies in the world. After careful consideration, I have decided that it is in the best interest of the community and project to pass the CEO torch to http://io.net’s Tory Green…I am deeply grateful for the support and dedication of our team, partners, and community for helping us build http://io.net into what it is today. Also To show that gratitude I will be donating 1M $IO of my personal $IO coins to http://io.net’s Internet of GPUs Foundation to help grow the ecosystem.
Amid the backdrop of this, the io.net token, IO is scheduled to be launched on Binance’s Launchpool on June 11 at 12:00 am UTC. According to the official report, 95,000,000 IO tokens would be released with a maximum supply of 800,000,000 IO tokens entering circulation.
According to Green, the token launch would mark a new phase of growth for the network.
We remain unwavering in our mission to build the world’s largest decentralized AI compute network and expect to focus heavily on acquiring and retaining suppliers and onboarding new customers.
Pending this milestone, concerns have erupted that the outgoing CEO may dump his IO coins on launch. In response to these speculations, Shadid clarified that the IO tokens are subject to a 4-year lockup. Also, no investor, adviser, or team member can sell their monthly vested tokens until June 2025.
At press time, Solana (SOL) was trading at $159 after declining by 0.01% in the last 24 hours and 3% in the last seven days.
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