Ahmad Shadid, io.net CEO, Leaves 2 Days Prior to Token Debut

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In a surprising turn of events, Solana-based decentralized infrastructure provider io.net has announced a significant leadership change just days before the launch of its token. Ahmad Shadid, one of the founders of io.net, has stepped down as CEO, effective immediately. He has been replaced by fellow founder and former Chief Operating Officer, Tory Green.

Ahmad Shadid Steps Down

io.net, known for its innovative approach to aggregating GPU power for machine learning startups, enables users to rent out GPU power at a fraction of the cost compared to traditional cloud services. This Solana-based AI project aims to create a decentralized network that provides accessible and affordable computing power for AI development.

Reasons Remain Undisclosed

In a statement posted on X (formerly Twitter) on June 9, Ahmad Shadid addressed his departure, noting

“While there have been allegations regarding my past, I want to emphasize that I am stepping down as CEO to allow io.net to move forward without distraction and to focus on its growth and success.” 

Although Ahmad Shadid did not elaborate on these allegations, critics have suggested that he may have misled the community about the actual number of GPU chips io.net offers.

io.net GPU Metadata Attack

The network has also faced challenges, including a GPU metadata attack on April 28 that temporarily reduced the number of active GPU connections from 600,000 to 10,000. Despite these setbacks, the company is moving forward with the launch of its token, IO, on Binance’s Launchpool. The launch is scheduled for June 11 at 12:00 am UTC, with an initial release of 95,000,000 IO tokens and a maximum supply cap of 800,000,000 IO tokens.

Community Concerned with the Departure of Ahmad Shadid

The sudden departure of Ahmad Shadid has sparked concern among the community, with some speculating that he might “dump” his IO coins at launch and disappear. Industry pundit badenglishtea expressed skepticism, describing the situation as “as shady as depin gets” to their 15,300 followers on X. 

However, Shadid has countered these claims, stating that his IO tokens are subject to a four-year lockup period. He assured that no investor, adviser, or team member can sell their vested tokens until June 2025. Additionally, Shadid pledged to contribute one million IO tokens to the firm’s Internet of GPUs Foundation to support ecosystem growth.

Despite stepping down, Shadid did not clarify if he would remain involved with the io.net ecosystem. Efforts to reach out to io.net for further comment have so far been unsuccessful.

The new CEO, Tory Green, announced that further leadership changes at io.net would be revealed in the coming days. Green emphasized that the token launch marks a significant milestone 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,” Green stated.

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