Crypto Project's $200 Million Hangs in the Balance as Co-Founders Clash

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 protection and limited 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 redomiciling the Neo Foundation to the Cayman Islands, establishing an independent five-member board, 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 role 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 project's assets. However, the success of this plan relies on Zhang's cooperation, which remains uncertain.