Co-founder Holds $200 Million in Project Crypto, Sparking Governance Dispute

The NEO project's treasury, valued at hundreds of millions of dollars in crypto assets, has been managed through personal wallets without multisig protections or formal oversight. According to co-founder Da Hongfei, the majority of these assets, approximately $200-250 million, are controlled by Erik Zhang, the project's other co-founder. Da has proposed a restructuring plan, which includes relocating the Neo Foundation to the Cayman Islands, establishing an independent five-member board, and redistributing tokens to holders. Zhang has countered with a proposal that includes a formal investigation into historical asset management and maintaining his position on the board. The dispute between the co-founders has resulted in a stalemate, with each holding significant leverage over the project's assets. Da has characterized his proposal as a form of mutual disarmament, where both he and Zhang would relinquish individual control over assets. However, the success of this plan relies on Zhang's cooperation, and it remains uncertain whether he will agree to transfer his single-signature token holdings to a multisig lock address.