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Io.net 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Shadid, who left "effectively immediately," has been replaced by co-founder and former COO Tory Green.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 Io.net'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 io.net to move forward without distraction and to focus on its growth and success."
$IO Nation, Today I am stepping down as the CEO of https://t.co/pI9FcfdM87, effective immediately. https://t.co/pI9FcfdM87 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…
— SHADID | $IO™ (@shadid_io) June 9, 2024
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."
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.
— SHADID | $IO™ (@shadid_io) June 9, 2024
Although Shadid did not elaborate on the "allegations," Io.net has been criticized for the number of GPU chips it claims to offer.
Famed internet villain Martin Shkreli argued that Io.net only has 320 GPUs despite claiming up to 564,306.
How many GPUs does @ionet have?
— Martin Shkreli (e/acc) (@MartinShkreli) April 27, 2024
Four answers:
1) 7648 (when trying to deploy)
2) 11107 (hand counted from their explorer)
3) 69415 (inexplicable # that doesnt change?)
4) 564306 (zero support, transparency or substance here. not even coreweave or AWS has this many btw)
i think… pic.twitter.com/aAKj17Bhks
current state of @ionet
— Martin Shkreli (e/acc) (@MartinShkreli) May 1, 2024
some skilled observers have suggested the A100-PCIE-40GB cluster is actually in China. and that somehow is illegal. i don't even think that would be true? but i am not sure i would want a GPU in China anyway? ionet have a comment?
also i have not tried… pic.twitter.com/MaIXiln0vL
Greg Osuri, co-founder and CEO of competitor Akash Network, praised Shadid's exit. "I'm glad to see Ii.net taking steps in the right direction," Osuri said in a statement.
Io.net 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.
Blockhead
