The NEO project's treasury, valued at hundreds of millions of dollars, has been controlled by co-founder Erik Zhang through personal wallets with no multi-sig protections, according to Da Hongfei. This unusual setup has raised concerns, with Da estimating that Zhang holds between $200 million and $250 million in NEO and GAS tokens.
The two co-founders have been publicly disputing since December, with Da accusing Zhang of holding too much control and Zhang accusing Da of mismanagement. Da has proposed a restructuring plan, which includes replacing the current governance with an independent five-member board, redistributing tokens to holders, and implementing multi-sig protection. Zhang has countered with a proposal that would keep him on the board and initiate an investigation into historical asset management.
The dispute has sparked a debate over governance and the future of the NEO project. Da's plan would require Zhang's cooperation to transfer token holdings to a multi-sig lock address, but it remains unclear if Zhang will agree. The outcome of this dispute will have significant implications for the project's future and its ability to adapt to changing market conditions.