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 little oversight. Co-founder Da Hongfei 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 that includes redomiciling the Neo Foundation to the Cayman Islands, establishing an independent five-member board, and redistributing tokens to holders. Zhang has countered with a proposal that includes an investigation into historical asset management and provisions to address potential corruption. The two co-founders have been publicly disputing since December, and their rival plans have sparked a governance debate within the project. Da's plan requires Zhang's cooperation to transfer the single-signature token holdings to a multisig lock address, but it is unclear if Zhang will agree.