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 holds around 85% of the project's assets, valued between $200 million and $250 million, with single-signature control.
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 staying on the board and keeping the foundation in Singapore, as well as initiating an investigation into historical asset management to address potential corruption and improper asset transfers. The dispute between the co-founders has led to a stalemate, with each 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 individual control over the assets.
The project's community is now awaiting a resolution, with the outcome uncertain if Zhang refuses to cooperate with Da's proposal.