NEO co-founders clash over $200M crypto treasury

A significant dispute has erupted between NEO co-founders Da Hongfei and Erik Zhang concerning the control of the project's substantial cryptocurrency treasury, estimated at around $460 million. Zhang reportedly holds a personal wallet with $200-250 million in NEO and GAS tokens under single-signature control, lacking multi-signature security or formal oversight. Da Hongfei is advocating for a restructuring plan that includes independent governance and multi-sig protection for these assets, proposing to move the Neo Foundation to the Cayman Islands and establish a new board. Zhang, however, has countered with a proposal for accountability investigations into historical asset management and wishes to remain on the board, accusing Da of separate issues. This conflict highlights governance challenges within the crypto space, especially as NEO's market value has significantly declined from its peak.