The NEO project's treasury has been managed in an unconventional manner, with hundreds of millions of dollars in crypto assets controlled through personal wallets without multi-signature protections or formal oversight. According to co-founder Da Hongfei, Erik Zhang, the project's other co-founder, has sole control over around 85% of the assets, valued between $200 million and $250 million. 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. 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 has sparked a debate about the project's governance and the need for mutual disarmament, with Da framing his proposal as a means to relinquish individual control over assets and establish a more transparent and secure system. The outcome remains uncertain, with the community's response pending.