$200 Million in Crypto Assets Held by One Person Sparks Governance Debate

The NEO project's treasury, valued at hundreds of millions of dollars, has been managed through personal wallets with little oversight, sparking a heated debate over governance. Co-founder Da Hongfei claims that Erik Zhang, the project's other co-founder, controls around 85% of the assets, worth between $200 million and $250 million, with a single signature. 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 accused Da of mismanagement and proposed an investigation into historical asset management. The dispute has led to a stalemate, with both founders holding significant leverage over the project's assets. Da has framed his proposal as a form of mutual disarmament, where both he and Zhang would relinquish control over the assets. However, the success of the plan relies on Zhang's cooperation, which remains uncertain.