Co-founder of $200 Million Crypto Project Holds Sole Control, Sparking Governance Dispute

The NEO project's treasury, worth hundreds of millions of dollars in crypto assets, has been controlled through personal wallets with no multi-sig protections, according to co-founder Da Hongfei. This unusual setup has been in place for years, with Da's fellow co-founder, Erik Zhang, holding around 85% of the assets, including NEO and GAS tokens, with single signature control. The value of these assets is estimated to be between $200 million and $250 million, exceeding the project's current market capitalization. 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 suggests staying on the board, keeping the Foundation in Singapore, and conducting a formal investigation into historical asset management. Da has dismissed Zhang's accusations of potential corruption and misuse of funds as 'blunt and empty'. The dispute has resulted in a stalemate, with both co-founders holding significant control over the project's assets and neither willing to compromise. Da has framed his proposal as a form of mutual disarmament, where both he and Zhang would relinquish individual control over the assets. However, the success of this plan relies on Zhang's cooperation, which remains uncertain. The community is left to ponder the next steps, as the project's future hangs in the balance.