Bittime - io.net, a Solana-based decentralized infrastructure provider is rumored to be limiting the sale of tokens belonging to former io.net CEO, Ahmad Shadid. Why is that? Read this article to the end to find out!
Token Sales Restrictions Former CEO of io.net
Tory Green, the new CEO of io.net, recently announced the team's main focus at the moment, the launch of the IO token and laying the foundation for io.net's future growth.
Simultaneously with this announcement, Tory Green also conveyed information regarding restrictions on the sale of Ahmad Shadid's tokens.
Tory said that all IO tokens belonging to Ahmad Shadid would be stored using the Ceffu service. The token will experience sales restrictions for 1 year from the listing date on the crypto exchange.
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Period Lock Opening Scheme
Tory Green also explained the former io.net CEO's token period unlocking scheme. Unlock tokens will be opened 13 months after the listing date.
After the lock period is opened, 1/36 of the total tokens owned by Shadid will be able to be sold. The remainder will be opened in stages, with a sales schedule of 1/36 of the total tokens every month for the next 36 months.
Donation of 1 Million Tokens by Former CEO of io.net
Previously, Ahmad Shadid announced his resignation as CEO of io.net and handed over the position to Tory Green. Apart from that, Shadid also donated 1 million IO tokens that he personally owned to io.net's Internet of GPUs Foundation. This donation is intended to support the development of the io.net ecosystem.
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Leadership Transition
The io.net leadership team affirmed their commitment to conducting a leadership transition in a fair and transparent manner. They also expressed their appreciation to the community for its continued support.
Meanwhile, limiting the sale of tokens belonging to the former CEO is a step taken by io.net's new leadership team to maintain price stability for IO tokens post-listing.
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Also Read:
io.net Ready to Launch Its Token, Contract Address Has Been Released
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Solana's DePIN Protocol, io.net, Opens Point Inquiry
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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