The NEO project's treasury, valued at hundreds of millions of dollars, has been controlled through personal wallets with little formal oversight. According to co-founder Da Hongfei, Erik Zhang, the project's other co-founder, holds around 85% of the treasury, worth between $200 million and $250 million, with single-signature control. Da has proposed a restructuring plan, which includes relocating the Neo Foundation to the Cayman Islands, establishing an independent five-member board, and redistributing tokens to holders. In contrast, Zhang's counter-proposal involves staying on the board, keeping the Foundation in Singapore, and conducting a formal investigation into historical asset management.
The dispute between the co-founders has led to a stalemate, with each holding significant leverage over the other. Da has framed his proposal as a form of mutual disarmament, where both he and Zhang would relinquish individual control over assets. However, the success of this plan depends on Zhang's cooperation, and it remains uncertain whether he will agree to transfer the single-signature token holdings to a multi-signature lock address.