The NEO project's treasury, valued at hundreds of millions of dollars, has been controlled through personal wallets with no multi-sig protection, according to co-founder Da Hongfei. He claims that Erik Zhang, the project's other co-founder, holds around 85% of the treasury, worth between $200 million and $250 million, with single signature control.
Da has proposed a restructuring plan, which includes replacing the current two-founder governance with an independent five-member board and redistributing tokens to holders. Zhang has countered with a proposal that includes an investigation into historical asset management and keeping the foundation in Singapore. The dispute between the co-founders has been ongoing since December, with both sides airing their grievances publicly. Da's plan calls for mutual disarmament, where both he and Zhang would give up control over the assets.
However, the plan's success depends on Zhang's cooperation, which is uncertain. The community is left to ponder the next steps, with Da suggesting that the answer should come from the community itself.