Co-Founder Holds $200 Million in Project Crypto, Sparking Governance Debate

The NEO project's treasury, valued at hundreds of millions of dollars, has been controlled through personal wallets with no multi-sig protections, according to co-founder Da Hongfei. He claims that 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 moving the Neo Foundation to the Cayman Islands, establishing an independent five-member board, and redistributing tokens to holders. Zhang has counter-proposed staying on the board and keeping the foundation in Singapore, and has called for an investigation into historical asset management. The two co-founders have been publicly airing their disputes since December, resulting in rival governance plans and an unsuccessful mediation effort. Da's plan aims to introduce mutual disarmament, where both he and Zhang would relinquish control over the assets, but Zhang's cooperation is required for the plan to succeed.