The NEO project's treasury, valued at hundreds of millions of dollars, has been managed through personal wallets without multisig protection or formal oversight. Co-founder Da Hongfei claims that Erik Zhang controls around 85% of the project's assets, including $200-250 million in NEO and GAS tokens, with single-signature authority.
Da has proposed a restructuring plan that includes establishing an independent five-member board, replacing the current two-founder governance, and redistributing tokens to holders. In contrast, Zhang's counter-proposal calls for a formal investigation into historical asset management and seeks to maintain his position on the board. The dispute has sparked a heated debate, with some observers questioning the project's financial management and the significant drop in token value. Da's proposal aims to achieve mutual disarmament, where both he and Zhang would relinquish control over the assets, but the plan's success relies on Zhang's cooperation.
The community is left to ponder the project's future and the implications of the co-founders' disagreement.