A Co-Founder Holds the Keys to $200 Million in Crypto, Sparking a Governance Dispute

The NEO project's treasury, valued at hundreds of millions of dollars, has been managed through personal wallets with minimal oversight. Co-founder Da Hongfei claims that Erik Zhang, the project's other co-founder, controls approximately 85% of the treasury, worth between $200 million and $250 million, with single-signature authority. Da has proposed a restructuring plan that includes establishing an independent five-member board, redistributing tokens to holders, and implementing multi-sig protection. In contrast, Zhang's counter-proposal involves staying on the board, maintaining the current governance structure, and conducting a formal investigation into historical asset management. The dispute between the co-founders has sparked a heated debate, with some observers questioning the project's financial management and token performance. Da's proposal aims to achieve mutual disarmament, where both he and Zhang would relinquish control over the assets, but its success depends on Zhang's cooperation. The community is left to ponder the project's future governance and the potential consequences of Zhang's refusal to adopt a multi-sig arrangement.