Co-founder Holds Keys to $200 Million in Project Funds, 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, without multisig protection or formal oversight. According to Da Hongfei, the other co-founder, Zhang holds around 85% of the project's 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. In contrast, Zhang's counter-proposal involves staying on the board and conducting a formal investigation into historical asset management. The dispute has led to a stalemate, with the project's treasury split between two individuals who are no longer communicating effectively. Da has framed his proposal as a form of mutual disarmament, where both he and Zhang would relinquish control over the assets. However, the success of this plan depends on Zhang's cooperation, which is uncertain. The community is left to ponder the next steps, with the project's future hanging in the balance.