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
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum L2 Eclipse CEO Steps Back Amid Sexual Misconduct AllegationsCrypto Blog
Read more »
Mini CEO Stefanie Wurst steps down after two yearsWurst has led renewal of Mini line-up, overseeing launches of Cooper, Aceman and Countryman
Read more »
Founder of dYdX steps down as CEO of firm behind decentralized exchangeIvo Crnkovic-Rubsamen will take over as CEO, with Juliano transitioning to the roles of Chairman and President.
Read more »
Antonio Juliano steps down as CEO of dYdXThe decentralized exchange dYdX is now led by Ivo Crnkovic-Rubsamen, a former trader and dYdX chief strategy officer.
Read more »
CEO of Brazil’s oil and gas giant Petrobras steps down following dustup over dividendsThe head of Brazil’s Petrobras is stepping down after a fight over dividends, sending share of the state-controlled oil and gas giant down 7%. Petrobras opted not to pay extraordinary dividends to its shareholders earlier this year, souring relations between Petrobras CEO Jean Paul Prates and Brazil’s President Luiz Inácio Lula da Silva.
Read more »
Arrowhead CEO steps down to focus more on developing Helldivers 2Johan Pilestedt has relinquished his role as CEO of Helldivers 2 developer Arrowhead Game Studios, but is staying on to focus more on the creative side.
Read more »