48 hours before the token launch on the Solana network, io.net, a peer-to-peer platform that provides an infrastructure for the sale of computing power (especially GPUs), dismissed its CEO.
Leadership Change and Allegations
Ahmad Shadid, one of io.net's founders, resigned from his position "effective immediately" and fellow founder and former COO Tory Green was appointed CEO. The Solana-based AI project is creating a GPU supply network to give machine learning startups access to computing power at a lower cost than regular cloud computing services.
In an Shadid did not directly address these "claims," but critics claimed that io.net misled investors about the amount of GPU chips it actually supplied. Additionally, on April 28, the network experienced a GPU metadata attack that reduced active GPU connections from 600,000 to 10,000.
Upcoming Token Launch and Market Reactions
The io.net token, IO, will launch on Binance's Launchpool on June 11 at 12:00 UTC. In the first phase, 95,000,000 IO tokens will be released, making the maximum amount of IO tokens that can be issued in total to 800,000,000.
Immediately following Shadid's resignation, many speculated that he would sell IO coins while launching the product. “I have never seen such a shady situation,” industry commentator Badenglishtea told her 15,300 followers on account X.
Shadid noted that team members, investors, or advisors will not be able to liquidate their monthly vesting tokens until June 2025 because the lock-in period for IO tokens is four years. Shadid said that he will personally donate one million IO tokens to the company's Internet of GPUs Foundation in order to grow the ecosystem.
Future Prospects and New Leadership
There is no statement regarding further participation in the io.net ecosystem. Green stated that with the appointment of the company's new CEO, there will be more changes to the leadership structure in the coming days.
This May Interest You: Arbitrum to Invest $215M in Gaming Startups
Green stated that the coin launch brings a "new phase of growth" for the network. “We are focused on building the leading decentralized AI computing network and will work hard to retain existing suppliers, acquire new suppliers and new customers,” he said.
According to Green, io.net has made approximately 20,000 GPUs available for clusters and serves many AI-focused businesses with support for end-to-end workloads for AI/ML inference and model training.
PLEASE READ CAREFULLY FOR A GIFT OF 10 DOLLARS.
My friends, you know that we, the publishers, are doing everything we can for you here. We are informing you about the services and facilities offered to us by our authorities. I have never stopped supporting both the Cryptocurrency market and you as much as I could, and on the contrary, I am trying to provide more support.
THIS 10 DOLLAR GIFT CAMPAIGN IS A CAMPAIGN MADE SPECIALLY FOR ME BY BINACE. YOU CAN GET CONFIRMATION ABOUT THIS BY CONTACTING LIVE HELP. THIS IS A 10 DOLLAR CAMPAIGN MADE TO YOU THROUGH ME.
Now I will tell you how to receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.
So who will benefit?
Our friends who have not activated the futures section yet, while activating your FUTURES trading section, you will earn 10 dollars when you open it by entering my reference code 88623008.
I EXPLAIN IN DETAIL.
My brothers and sisters who have become a Binance member without reference, please listen carefully;
When you do what I say, you will receive 10 USDT.
Enter the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward by MAY 1 can do so. After activating your account, all you have to do is open your first futures transaction.
The first 1,000 brothers to open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
So let me give you a tactic like this: Even if you open and close 20x with a $5 transaction, you will be entitled to the reward.
However, even if you do this after May 1, your reward will not come. So get it done by May 1st. In fact, right now I say you can fix it in 5 seconds.
Very simple. Go to Futures, enter my reference code 88623008 and activate the account. Afterwards, just open a total of 200 USDT transactions and get 10 USDT reward.
WHEN WILL THE AWARD COME?
Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.
You can help your friends in need by sharing this post.
BY THE WAY, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. IF YOU HAVE NOT FOLLOWED YET, DON'T FORGET TO FOLLOW. KIND REGARDS.
