A Single Individual Holds the Keys to $200 Million in Crypto, Sparking a Governance Dispute

The cryptocurrency project's treasury, valued at hundreds of millions of dollars, has been controlled through personal wallets with no multisig protection, sparking concerns over governance and oversight. According to Da Hongfei, co-founder Erik Zhang holds around 85% of the project's native tokens, worth between $200 million and $250 million, with single-signature control. Da has proposed a restructuring plan, which includes replacing the current two-founder governance with an independent five-member board and redistributing tokens to holders. In response, Zhang has called for a formal investigation into historical asset management and wants to remain on the board. The dispute has led to a stalemate, with both founders holding significant assets and leverage over each other. Da has framed his proposal as a form of mutual disarmament, where both he and Zhang would sacrifice individual control over assets. However, the success of the proposal depends on Zhang's cooperation, and it remains unclear what will happen if he refuses to transfer the single-signature token holdings to a multisig lock address.