Helium founder Amir Haleem has stepped down as CEO of Nova Labs, moving into the chairman role as the HNT token extended a 96% crash over five years.
From CEO to Chairman: Haleem Hands Over
Haleem announced on X that Mario Di Dio has taken over as CEO. On the day of the announcement, HNT dropped another 15%, according to market data cited in the report.
HNT Plunges 96% as Mobile Sale Fails to Lift Token
Nova Labs completed the sale of Helium Mobile to Noble Mobile on June 2, 2026. The consumer product aimed to link crypto incentives with low-cost cellphone service but failed to revive HNT. HNT stayed down 30% for the week and 46% for the month following the sale.
Other Helium tokens also remain far below earlier levels: MOBILE fell 76% and IOT dropped 87% over five years. These tokens were used to reward operators of Helium-linked networking devices.
Haleem Still Holds HNT as Community Reacts
In his departure message, Haleem said he still holds HNT, after years of promoting the token-backed network model. Some users on X called his move a deserved break; others focused on HNT's price history and the timing of his exit, especially after the mobile sale failed to spark a recovery.
The leadership change closes a major chapter for Nova Labs. Haleem spent over a decade building Helium's wireless network concept, using crypto rewards to encourage hardware deployment.
Nova Labs' Checkered Past: From False Claims to SEC Penalty
Helium raised roughly $365 million over its lifetime, with FTX among its backers. In 2022, the company faced backlash after advertising Lime, Salesforce, and Nestlé as network users—companies that were not using the network. A Forbes investigation later found insiders mined nearly half of all early HNT tokens.
In January 2025, the SEC under then-chair Gary Gensler sued Nova Labs for making materially false statements about users. After Paul Atkins took over the SEC under President Donald Trump, Nova Labs settled in April 2025, paying a $200,000 civil penalty; the remaining claims were dismissed with prejudice.