The Block Crypto News15 minutes ago

Published on June 09, 2024 19:10 GMT+00:00edited on June 09, 2024 19:14 GMT+00:00

Solana-based decentralized infrastructure provider (DePIN) 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. 

Co-founder Ahmad Shadid announced his departure from the CEO role on Sunday with a post on X, naming fellow co-founder and former COO Tory Green as his replacement. 

"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 …