The NEO project's treasury, valued at hundreds of millions of dollars in crypto assets, has been controlled by a single individual, Erik Zhang, without multi-signature protections or formal oversight. According to co-founder Da Hongfei, Zhang holds around 85% of the project's assets, worth between $200 million and $250 million, with single signature control. Da has proposed a restructuring plan that includes relocating the Neo Foundation to the Cayman Islands, establishing an independent five-member board, and redistributing tokens to holders.
In contrast, Zhang's plan involves staying on the board, keeping the foundation in Singapore, and conducting a formal investigation into historical asset management. The dispute between the co-founders has sparked a debate about governance and the need for mutual disarmament, with Da framing his proposal as a means to sacrifice individual control over assets and establish a more robust governance structure. The outcome remains uncertain, with the community awaiting Zhang's response to Da's proposal.