CEO Ahmad Shadid has resigned from Solana-based decentralized infrastructure provider (DePin) io.net. io.net, which previously experienced a delay in the token expected to be released in April, was finally announced as a Binance Launchpool project. The token will open for general trading on Binance tomorrow.

Two days before such an important start (yesterday), the resignation of CEO Shadid raised questions. io.net, which has been struggling with problems for a while, was reportedly hit by a multi-account attack (Sybil). In April, it was revealed that fake graphics processors (GPUs) were being used, but CEO Shadid stated that the problems had been resolved.

“Reporting is also problematic” backlash

io.net’s competitors in the cryptocurrency world also argued that the figures presented by the project were not accurate. Some projects in the DePIN world claimed that the service was not running on as much processing power as stated. Greg Osuri of Akash Network, one of the DePin projects, also stated that he found the responsibility in Shadid and that io.net continued on the right path with this step.

On the other hand, Shadid, who resigned, stated that there is no question mark about the tokens reserved for him at io.net and that they will remain locked for 4 years. “No investor, consultant or team member will receive their monthly unlocked tokens before June 2025,” Shadid said.

“I was forced to make the best decision for io.net,” Shadid said about his resignation. The former CEO also said he would donate 1 million io tokens from his own holdings to the foundation behind the project.

io.net allows users to rent out unused or idle processing power from their computer’s graphics processor (GPU) and earn revenue (io tokens) from this activity. The project originally planned to launch the io token at the end of April, but there were delays.