Co-founder of $200 Million Crypto Project Calls for End to Single-Person Control

The NEO project's treasury, valued at hundreds of millions of dollars, has been controlled by a single individual, co-founder Erik Zhang, without multisig protection or formal oversight. According to co-founder Da Hongfei, Zhang holds around 85% of the project's assets, including native NEO and GAS tokens worth between $200 million and $250 million. Da has proposed a restructuring plan that includes relocating the Neo Foundation to the Cayman Islands, establishing an independent five-member board, and redistributing tokens to holders. Zhang has countered with a proposal that includes staying on the board, keeping the foundation in Singapore, and conducting a formal investigation into historical asset management. The dispute has led to a stalemate, with each co-founder holding significant leverage over the project's assets. Da has framed his proposal as a form of mutual disarmament, where both he and Zhang would relinquish individual control over the assets. However, the success of the plan relies on Zhang's cooperation, and it remains unclear what will happen if he refuses to comply.