A Single Individual Controls $200 Million in Crypto, Sparking Governance Debate

The treasury of a prominent cryptocurrency project has been managed in an unconventional manner, with hundreds of millions of dollars in crypto assets controlled by personal wallets lacking multi-signature protections and formal oversight. According to co-founder Da Hongfei, his fellow co-founder Erik Zhang has sole control over approximately 85% of the project's assets, valued between $200 million and $250 million, through a single signature. Da has proposed a restructuring plan, which includes relocating the project's foundation to the Cayman Islands, establishing an independent five-member board, and redistributing tokens to holders. In contrast, Zhang's counter-proposal involves maintaining the current governance structure and conducting an investigation into historical asset management. The dispute between the co-founders has sparked a debate about the project's governance and the need for mutual disarmament, with Da framing his proposal as a means of relinquishing individual control over assets and adopting a more decentralized approach.