Tory Green Becomes CEO of IO.NET Replacing Ahmed Shadid who Resigns

Bittime - Ahmed Shadid, co-founder and former CEO of IO.NET, has stepped down from his role as leader of the decentralized AI and cloud computing platform. This unexpected change comes at a crucial time when the Solana Decentralized Physical Infrastructure Network (DePIN) project, led by IO.NET, is experiencing significant momentum.

IO.Net Leadership Change In the latest announcement in X

Shadid highlighted the impressive progress of the Solana DePIN project, noting its rapid rise as one of the world's leading AI startups. He explained that his resignation was driven by a desire to avoid potential disruption to the community and the project. Tory Green, current COO and co-founder, will take over as CEO, ensuring continuity of leadership.

Controversy and Departure of Former CEO: Resigns Along with Fraud Allegations

Shadid's departure coincided with allegations of fraudulent activities. Despite these accusations, Shadid emphasized that IO.NET must remain focused on its mission and continue to grow. In his farewell speech, he thanked the team, partners and community for their unwavering support. To demonstrate its commitment to the future of the project, Shadid donated 1 million IO tokens from its holdings to the Internet of GPUs Foundation, with the aim of strengthening the growth of the ecosystem.

IO.Net Strategic Focus and Future Growth

With Tory Green at the helm, IO.NET will step up its efforts in expanding platform use cases and community engagement. Recently, the project revealed its comprehensive tokenomics plan, an important milestone in its strategic roadmap. IO tokens have a limited supply of 800 million, with 500 million released at launch and the remaining 300 million to be distributed gradually over 20 years. This distribution model, which includes hourly token rewards to suppliers and underwriters, differentiates IO.NET from its competitors.

News of IO.Net's Partnership with Binance

IO.NET as the 55th project in the Binance Launchpool marks a major step forward. The IO token will begin trading on Binance on June 11 at 12:00 (UTC), increasing its visibility and accessibility in the cryptocurrency market. This strategic partnership with Binance is expected to significantly raise IO.NET's profile and attract more participants to its ecosystem.

Looking ahead to the impact of Ahmed Shadid's resignation

Marks a turning point for IO.NET as it faces allegations and moves on to new leadership. Under Tory Green's guidance, the platform is poised to continue its upward trajectory, driven by innovative tokenomics and strategic alliances. The future looks promising for IO.NET as it leverages decentralized AI and cloud computing to drive technological advancement and ecosystem growth.

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