Skip to content CEO Ahmad Shadid Exits "Immediately" Two Days Before Token Launch co-founder and CEO, Ahmad Shadid, has exited the firm two days before its native token launches on Binance Launchpad

Table of Contents co-founder and CEO, Ahmad Shadid, has stepped down just two days before its native token launches on Binance Launchpad.

Shadid, who left "effectively immediately," has been replaced by co-founder and former COO Tory Green.

"After careful consideration, I have decided that it is in the best interest of the community and project to pass the CEO torch to's Tory Green," Shadid said on X.

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

Io.Net allows users to donate their unused graphics processing power to a communal pool in return for token-based compensation. The firm planned to launch its token on Binance's Launchpool on June 11. 

When asked about the timing of his exit, IE two days before the token launch, Shadid replied, "I am forced to make the wisest decision for the best of the $IO Nation it’s not about me anymore. It’s about all of you."

Although Shadid did not elaborate on the "allegations," has been criticized for the number of GPU chips it claims to offer.

Famed internet villain Martin Shkreli argued that only has 320 GPUs despite claiming up to 564,306.

Greg Osuri, co-founder and CEO of competitor Akash Network, praised Shadid's exit. "I'm glad to see taking steps in the right direction," Osuri said in a statement. was a main sponsor at SuperAI - Singapore's first widescale AI conference. The firm sponsored the conference's Main Stage with AI firm Motiff taking the other.

Shadid held a keynote talk titled "Scaling Decentralized Compute for Next Generation AI" on the first day.

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