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

The NEO project's treasury, valued at hundreds of millions of dollars, has been controlled through personal wallets with no multi-signature protections, according to co-founder Da Hongfei. He 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, which includes replacing the current two-founder governance with 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 dispute has led to a stalemate, with Da framing his proposal as a form of mutual disarmament, where both he and Zhang would relinquish control over the assets. However, the success of the plan relies on Zhang's cooperation, which is uncertain.