The NEO project's treasury, valued at hundreds of millions of dollars, has been managed through personal wallets without multisig protections or formal oversight. According to Da Hongfei, co-founder Erik Zhang controls around 85% of the assets, including native NEO and GAS tokens worth between $200 million and $250 million, with single signature authority.
Da has proposed a restructuring plan, which includes moving 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, keeping the Foundation in Singapore, and conducting a formal investigation into historical asset management. The dispute between the two founders has led to a stalemate, with each holding significant leverage over the other. Da's proposal aims for 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 the outcome remains uncertain.