The decentralized infrastructure provider has faced questions from critics in recent months regarding the veracity of its reported metrics.
Solana-based decentralized infrastructure provider Io.Net, which allows users to contribute spare graphics processing power to a shared pool in exchange for token-based payment, has replaced its CEO just two days before its native token launches on Binance Launchpad.
"While there have been allegations regarding my past, I want to emphasize that I am stepping down as CEO to allow io.net move forward without distraction and to focus on its growth and success," Shadid's announcement post reads in part. Shadid also announced his plan to contribute one million of Io.net's soon-to-be-launched tokens from his personal stash towards the company's Internet of GPUs Foundation to "help grow the ecosystem.
"DePIN as a sector is in its infancy to withstand such controversial founders. I'm glad to see IO.net taking steps in the right direction," said Greg Osuri, co-founder and CEO of Akash Network, a competitor in the DePIN space, when reached for comment. "While it's a positive move from IO.net's side to replace the CEO, questions still remain on the validity of the accusations regarding money laundering and drug financing.
Defi Akash Network Depin Io-Net Protocols
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