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

For years, the NEO project's treasury was controlled through personal wallets with no multisig protection, an unusual setup for a financial institution. According to co-founder Da Hongfei, co-founder Erik Zhang has sole control over around 85% of the project's assets, valued between $200 million and $250 million. Da has proposed a restructuring plan that includes replacing the current two-founder governance with an independent five-member board and redistributing tokens to holders. In contrast, Zhang's counter-proposal involves staying on the board and keeping the foundation in Singapore, with a focus on investigating historical asset management. The dispute has led to a stalemate, with each 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 control over their respective assets. However, the success of this plan relies on Zhang's cooperation, which remains uncertain. The community is left to ponder the next steps, with the project's future hanging in the balance.