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 multisig protections, according to co-founder Da Hongfei. He claims that Erik Zhang, the 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 establishing an independent five-member board and redistributing tokens to holders. However, Zhang has countered with his own proposal, calling for an investigation into historical asset management and seeking to remain on the board. The dispute has led to a stalemate, with each co-founder holding leverage over the other. Da has framed his proposal as a form of mutual disarmament, where both he and Zhang would sacrifice their individual control over assets. The outcome remains uncertain, with Da committing to a one-to-three month timeline for the restructuring, but acknowledging that Zhang's cooperation is crucial.