A Single Individual Controls $200 Million in Crypto for a Project, Sparking Governance Debate

The crypto project's treasury, valued at hundreds of millions of dollars, has been managed through personal wallets without multi-sig protection or formal oversight. According to co-founder Da Hongfei, the other co-founder, Erik Zhang, controls around 85% of the project's assets with a single signature. Da estimates the native tokens held by Zhang are worth between $200 million and $250 million. The two founders have been publicly disputing since December, resulting in competing governance proposals. Da's plan involves relocating the project's foundation to the Cayman Islands, establishing an independent five-member board, and redistributing tokens to holders. Zhang's counter-proposal includes staying on the board and keeping the foundation in Singapore, as well as a formal investigation into historical asset management. The dispute has led to a stalemate, with the project's treasury split between the two founders, each holding significant leverage. Da views his proposal as a form of mutual disarmament, where both he and Zhang would relinquish control over the assets. However, the success of this plan relies on Zhang's cooperation, which is uncertain.