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A Co-Founder Holds the Keys to $200 Million in Crypto, Sparking a Governance Dispute
The cryptocurrency project NEO has been embroiled in a long-standing dispute over its governance structure, with co-founder Da Hongfei claiming that fellow co-founder Erik Zhang holds the keys to approximately $200 million in crypto assets. This unusual arrangement, in which hundreds of millions of dollars in crypto assets are controlled through personal wallets with no multi-signature protection…
April 19, 2026, 11 a.m.
Finance
Co-Founder Holds Keys to $200 Million in Crypto, Sparking Governance Debate
The NEO project's treasury, valued at hundreds of millions of dollars in crypto assets, has been controlled through personal wallets with no multi-sig protections and limited oversight. According to co-founder Da Hongfei, approximately 85% of the funds are controlled by Erik Zhang, the project's other co-founder, with a single signature. The native NEO and GAS tokens held by Zhang are currently w…
April 19, 2026, 11 a.m.
Finance
A $200 Million Crypto Project's Fate Hangs in the Balance as Co-Founders Clash
For years, the treasury of NEO, a cryptocurrency project, was managed in a way that would be unconventional for most financial institutions: hundreds of millions of dollars in crypto assets were controlled by personal wallets with no multisignature protection and minimal formal oversight. According to co-founder Da Hongfei, the individual in control of these assets is Erik Zhang, the project's ot…
April 19, 2026, 11 a.m.
Finance
A Co-Founder Holds the Keys to $200 Million in Crypto, Sparking a Governance Dispute
For years, the NEO treasury was managed through an unusual setup, with hundreds of millions of dollars in crypto assets controlled by personal wallets and lacking multi-signature protections or formal oversight. According to co-founder Da Hongfei, Erik Zhang, the other co-founder and architect of NEO's core protocol, holds around 85% of the project's assets, valued between $200 million and $250 m…
April 19, 2026, 11 a.m.
Finance
A Single Individual Controls $200 Million in Crypto for a Project, Sparking Calls for Change
For an extended period, the treasury of NEO was managed in an unconventional manner, with hundreds of millions of dollars in cryptocurrency controlled through personal wallets, lacking multi-signature security and formal oversight. According to co-founder Da Hongfei, the individual in control of these assets is Erik Zhang, the other co-founder and architect of NEO's core protocol. Da stated in an…
April 19, 2026, 11 a.m.
Finance
A Single Individual Controls $200 Million in Crypto for a Project, Sparking Governance Debate
For several years, the NEO project's treasury was managed in an unconventional manner, with hundreds of millions of dollars in cryptocurrency assets controlled through personal wallets lacking multi-signature protections and formal oversight. According to co-founder Da Hongfei, this responsibility falls on the shoulders of Erik Zhang, the project's other co-founder and core protocol architect. Da…
April 19, 2026, 11 a.m.
Finance
A Single Individual Holds the Keys to $200 Million in Crypto, Sparking a Governance Dispute
For years, the treasury of a prominent cryptocurrency project was managed through an unconventional setup, with hundreds of millions of dollars in assets controlled by personal wallets lacking multi-signature protections and formal oversight. According to co-founder Da Hongfei, this individual is Erik Zhang, the project's other co-founder and core protocol architect. Da estimates that Zhang alone…
April 19, 2026, 11 a.m.
Finance
A Single Individual Controls $200 Million in Crypto for a Project, Sparking Calls for Change
The cryptocurrency project NEO has been managed with an unconventional setup, where hundreds of millions of dollars in crypto assets have been controlled through personal wallets without multi-signature protections or formal oversight. According to co-founder Da Hongfei, the individual controlling these assets is Erik Zhang, the project's other co-founder and core protocol architect. Da estimates…
April 19, 2026, 11 a.m.
Finance
Co-founder Holds Keys to $200 Million in Crypto, Sparking Governance Debate
The NEO project's treasury, worth hundreds of millions of dollars in crypto assets, has been controlled by a single individual, Erik Zhang, with no multisig protection or formal oversight. This unusual setup has sparked a heated debate between Zhang and co-founder Da Hongfei, who is calling for a more transparent and secure governance structure. Da's proposal, published on GitHub, includes reloca…
April 19, 2026, 11 a.m.
Finance
Co-Founder Holds Keys to $200 Million in Crypto, Sparking Governance Debate
For years, the NEO project's treasury has been managed through an unconventional setup, with hundreds of millions of dollars in crypto assets controlled by personal wallets and lacking multisig protections. According to co-founder Da Hongfei, Erik Zhang, the project's other co-founder, holds around 85% of the treasury, valued at between $200 million and $250 million, with single-signature control…
April 19, 2026, 11 a.m.