The cryptocurrency project NEO has been embroiled in a controversy surrounding its treasury, which is controlled by co-founder Erik Zhang. According to Da Hongfei, the other co-founder, Zhang holds around 85% of the project's crypto assets, valued at approximately $200 million to $250 million, in a single-signature wallet with no multisig protection.
Da has proposed a restructuring plan that would transfer the assets to a multisig lock address and establish an independent five-member board, while Zhang has counter-proposed keeping the current governance structure and conducting an investigation into historical asset management. The dispute has sparked a debate over the project's governance and the need for transparency and accountability. Da's proposal, published on GitHub, calls for the Neo Foundation to be redomiciled in the Cayman Islands and for both founders to be barred from the board for 24 months.
Zhang's counter-proposal, on the other hand, seeks to maintain the current governance structure and keep the Foundation in Singapore. The conflict between the two co-founders has led to a stalemate, with Da framing his proposal as a 'mutual disarmament' and Zhang accusing Da of separate problems. The NEO community is waiting to see how the situation will unfold, with some observers expressing concern over the project's treasury and the potential for corruption or misuse of funds.