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

The NEO project's treasury, valued at hundreds of millions of dollars in crypto assets, has been controlled through personal wallets with little oversight. According to Da Hongfei, co-founder Erik Zhang holds around 85% of the assets, worth between $200 million and $250 million, with single-signature control. Hongfei has proposed a restructuring plan, which includes relocating the Neo Foundation to the Cayman Islands, establishing an independent five-member board, and redistributing tokens to holders. In contrast, Zhang's counter-proposal involves staying on the board, keeping the Foundation in Singapore, and conducting a formal investigation into historical asset management. The dispute between the founders has led to a stalemate, with each holding significant leverage over the other. Da Hongfei has framed his proposal as a form of mutual disarmament, where both he and Zhang would relinquish individual control over assets. However, the success of this plan relies on Zhang's cooperation, which remains uncertain.