Da Hongfei and Erik Zhang Clash Over Restructuring Plans

Co-founders of the blockchain project Neo are locked in a public dispute over the platform’s governance structure, with one advocating for independent oversight and the other pushing for accountability measures while seeking to remain on the board.

Da Hongfei, one of Neo’s original co-founders, has proposed a restructuring plan that would establish independent governance and implement multi-signature protection for the project’s treasury, which currently holds over $200 million in digital assets. His proposal aims to eliminate centralized control by ensuring no single individual holds unilateral access to the funds.

In contrast, Erik Zhang, the other co-founder, has advocated for a different approach that includes launching formal accountability investigations into past decisions and maintaining his position on the project’s governing board. Zhang argues that oversight should focus on reviewing historical actions rather than restructuring access controls.

The disagreement centers on who controls access to Neo’s treasury, which holds significant reserves in various cryptocurrencies. According to on-chain data analyzed by blockchain researchers, a single wallet associated with one of the co-founders currently controls the majority of these funds, raising concerns about centralization risks despite the project’s decentralized branding.