CEO of IO, Ahmad Shadid, resigns on the eve of token issuance: Forced to make decisions for the greater good

On the eve of the IO token issuance, Io.net, a decentralized infrastructure provider based on Solana, announced a major leadership change. Co-founder Ahmad Shadid will step down as CEO, and co-founder and former COO Tory Green will take over.

Leadership Changes at Io.net

Co-founder of Io.net, Ahmad Shadid, announced his resignation as CEO on Sunday on the X platform.

He named Chief Operating Officer Tory Green as his successor, with Shadid's departure coinciding with the company's preparation to launch its native token on Binance Launchpad.

Statement from Shadid

In his announcement, Shadid addressed past allegations by stating, "Despite the allegations against me in the past, I want to emphasize that my resignation as CEO is to allow Io.net to move forward without disruption, focusing on its growth and success." Additionally, Shadid pledged to donate one million tokens from his personal holdings to the company's GPU Foundation to support ecosystem development.

Tory Green's Vision for Io.net

New CEO Tory Green reiterated the company's mission in his own statement. "I will continue to execute the vision set by Ahmad when founding Io.net, to become the world's largest AI computing network and bring AI to the world."

Criticism of Io.net: Piles of Invalid GPU Data

Despite Shadid's assurances, Io.net continues to face significant criticism from competitors in the DePIN sector.

The company is under scrutiny for the legitimacy of its GPU supply. Allegations have been made regarding inconsistencies in the network scale data reported on the website, with figures like Martin Shkreli pointing out these issues. Io.net responded with a detailed post-analysis, claiming that attackers were attempting to impersonate GPUs to gain more rewards.

Token Lockup and Financial Details

Shadid clarified that his token supply would be locked up for four years, contrasting with the shorter lockup periods of other investors and team members. "I have a 4-year lockup period + gradual unlocking, and no investors, advisors, or team members can receive released tokens each month before June 2025."

Timing of Resignation Debatable

Shadid's resignation timing, just two days before the token issuance, has drawn attention. In response, Shadid stated on X, "I must make the wisest decision for $IO Nation. This is no longer about me, but about all of you."