A Single Individual Holds the Key to $200 Million in Crypto, Sparking Governance Debate

The NEO project's treasury, valued at hundreds of millions of dollars in crypto assets, has been controlled through personal wallets with no multi-signature protections and minimal formal oversight. According to co-founder Da Hongfei, the individual in control of approximately 85% of the assets, worth between $200 million and $250 million, is Erik Zhang, the project's other co-founder and core protocol architect. Da has proposed a restructuring plan, which includes relocating the Neo Foundation from Singapore to the Cayman Islands, establishing an independent five-member board, and redistributing tokens to holders. In contrast, Zhang's counter-proposal involves staying on the board and keeping the Foundation in Singapore, with a focus on investigating historical asset management and addressing potential corruption. The dispute between the co-founders has resulted in a stalemate, with each holding significant leverage over the other, and the project's future hanging in the balance.