The unusual setup of a cryptocurrency project's treasury, where hundreds of millions of dollars in assets are controlled by a single individual, has sparked a heated debate between its co-founders. Da Hongfei, one of the co-founders, has expressed concerns that Erik Zhang, the other co-founder, has sole control over approximately 85% of the project's assets, valued between $200 million and $250 million.
Da has proposed a restructuring plan that includes the creation of an independent five-member board, the redistribution of tokens to holders, and the implementation of multisig protection. In contrast, Zhang's counter-proposal calls for an investigation into historical asset management and the potential for corruption. The two co-founders have been at odds since December, with their disagreements playing out in public. Da's proposal, published on GitHub, aims to address the issue of single-person control and promote transparency and accountability.
However, Zhang's refusal to cooperate may hinder the implementation of the plan, leaving the project's future uncertain. The community is now left to ponder the best course of action, as the project's treasury holds approximately $460 million in assets, nearly double its market value.