{"id":22408,"date":"2024-06-10T10:00:22","date_gmt":"2024-06-10T07:00:22","guid":{"rendered":"https:\/\/coinengineer.io\/?p=22408"},"modified":"2024-06-10T09:18:27","modified_gmt":"2024-06-10T06:18:27","slug":"io-net-ceo-resigns-amid-allegations","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/io-net-ceo-resigns-amid-allegations\/","title":{"rendered":"io.net CEO Resigns Amid Allegations; Token Launch Approaches"},"content":{"rendered":"<p>48 hours before the commencement of the project\u2019s token launch on the <strong>Solana network<\/strong>,<strong> io.net,<\/strong> a peer-to-peer platform that provides an infrastructure for selling computational power, specifically GPU, in exchange for money, has terminated the CEO.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/io-net-ceo-resigns-amid-allegations\/#Leadership_Change_and_Allegations\" title=\"Leadership Change and Allegations\">Leadership Change and Allegations<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/io-net-ceo-resigns-amid-allegations\/#Upcoming_Token_Launch_and_Market_Reactions\" title=\"Upcoming Token Launch and Market Reactions\">Upcoming Token Launch and Market Reactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/io-net-ceo-resigns-amid-allegations\/#Future_Prospects_and_New_Leadership\" title=\"Future Prospects and New Leadership\">Future Prospects and New Leadership<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Leadership_Change_and_Allegations\"><\/span>Leadership Change and Allegations<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>One of the io.net founders, <strong>Ahmad Shadid<\/strong>, stepped down \u201ceffective immediately,\u201d and <strong>Tory Green<\/strong>, another founder and former COO, stepped in. To enable the founders of machine learning startups to receive access to computing power at a lower cost than a regular cloud computing service, the <strong>Solana-based AI<\/strong> project creates a network of GPU supplies.<\/p>\n<p>In his post on X on June 9, <strong>Shadid<\/strong> stated that while there have been accusations about his past, he is voluntarily resigning from the position of <strong>CEO<\/strong> in order to spare io.net from being preoccupied by such matters and to concentrate on its development. Shadid didn\u2019t address those \u201callegations\u201d directly, but critics claimed that he deceived investors about the quantity of GPU chips that io.net genuinely provides. There was also a GPU metadata attack on the network on April 28 which saw the active GPU connections reduce from 600,000 to 10,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Upcoming_Token_Launch_and_Market_Reactions\"><\/span>Upcoming Token Launch and Market Reactions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>io.net token<\/strong>, <strong>IO<\/strong>, will launch on Binance&#8217;s Launchpool on June 11 at 12:00 (UTC). In the initial phase, <strong>95,000,000 IO tokens<\/strong> will be released which will make the total maximum limit of IO tokens that can be issued to <strong>800,000,000.<\/strong><\/p>\n<p>The moment <strong>Shadid<\/strong> stepped down, many people thought he was going to \u201cdump IO coins and exit\u201d at the launch of the product. Industry commentator Badenglishtea informed 15,300 followers of the X account, \u201cIt is as shady as depin gets.\u201d<\/p>\n<p><strong>Shadid<\/strong> replied that none of the team members, investors, or advisors will be able to liquidate their monthly vesting tokens until June 2025 because the lock-in period of IO tokens is four years. To \u201chelp grow the ecosystem\u201d Shadid stated that he will personally send one million IO tokens to the company\u2019s Internet of GPUs Foundation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Future_Prospects_and_New_Leadership\"><\/span>Future Prospects and New Leadership<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As for further participation in the io.net ecosystem, the outgoing CEO failed to explain the reason. According to Green, with the company\u2019s new CEO having been appointed, more changes in leadership structure will be made known in the coming days.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/arbitrum-215-m-gaming-catalyst-program-approved\/\"><em><span style=\"font-weight: 400\">This Might Interest You:\u00a0<\/span>Arbitrum\u2019s $215M Gaming Catalyst Program Approved<\/em><\/a><\/p>\n<p><a href=\"https:\/\/x.com\/MTorygreen\/status\/1799779461665263983\"><strong>Green<\/strong> <\/a>has stated that the launch of the coin brings \u2018\u2018a new phase of growth for the network.\u201d He emphasized, \u201cWe are still very much focused on building the most prominent decentralized AI compute network and a lot of work will be done to retain existing suppliers and acquire new ones as well as new clients.\u201d<\/p>\n<p>According to Green, <strong>io.net<\/strong> has added approximately 20,000 GPUs that are available for clusters and has support for end-to-end workloads with model training and AI\/ML inference for numerous businesses that focus on AI.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>48 hours before the commencement of the project\u2019s token launch on the Solana network, io.net, a peer-to-peer platform that provides an infrastructure for selling computational power, specifically GPU, in exchange for money, has terminated the CEO. Leadership Change and Allegations One of the io.net founders, Ahmad Shadid, stepped down \u201ceffective immediately,\u201d and Tory Green, another<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,1],"tags":[6745,5714,2892],"class_list":["post-22408","post","type-post","status-publish","format-standard","hentry","category-coin-analysis","category-crypto-news","category-genel","tag-io-token","tag-io-net","tag-solana-network"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>io.net CEO Resigns Amid Allegations; Token Launch Approaches - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/io-net-ceo-resigns-amid-allegations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"io.net CEO Resigns Amid Allegations; Token Launch Approaches - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"48 hours before the commencement of the project\u2019s token launch on the Solana network, io.net, a peer-to-peer platform that provides an infrastructure for selling computational power, specifically GPU, in exchange for money, has terminated the CEO. 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