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

The NEO project's treasury, valued at hundreds of millions of dollars, has been controlled by a single individual, co-founder Erik Zhang, with no multi-sig protections or formal oversight. According to co-founder Da Hongfei, Zhang holds around 85% of the project's native tokens, worth between $200 million and $250 million, with single signature control. Da has proposed a restructuring plan, which includes replacing the current two-founder governance with an independent five-member board, and redistributing tokens to holders. However, Zhang has countered with a rival proposal, calling for a formal investigation into historical asset management and staying on the board. The dispute has sparked a debate over the project's governance and the need for mutual disarmament, with Da framing his proposal as a necessary step towards securing the project's future.