Discord

<p>You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/discord-and-discordance-neo-co-founders-in-the-limelight" rel="noopener noreferrer nofollow">Discord and Discordance: NEO Co-Founders in the Limelight</a><br></p>
<p>A significant altercation between NEO’s two co-founders, Da Hongfei and Erik Zhang, has captured the cryptocurrency world’s attention. The NEO platform, launched in 2014 and a noteworthy player in the Chinese blockchain landscape, is now at a crossroads due to governance and asset management disputes. At the heart of the controversy is the handling of the foundation’s assets, which have been managed through personal accounts.</p>
<h2 id="who-controls-neo-s-wealth">Who Controls NEO’s Wealth?</h2>
<p>Da Hongfei has raised alarms over a large portion of NEO and GAS tokens being controlled by Erik Zhang. For years, these assets, making up around 85% of the foundation’s native cryptocurrency reserves and valued at up to $250 million, have been held in Zhang’s personal wallet without corporate oversight. Notably, this amount surpasses NEO’s current market cap of $197 million.</p>
<p>Conversely, other NEO treasury holdings like <a href="https://en.bitcoinhaber.net/jack-mallers-to-address-bitcoin-2026-in-las-vegas-with-groundbreaking-insights" rel="noopener noreferrer nofollow">Bitcoin</a>, Ether, and stablecoins sit with NGD, under Da’s supervision. The value of these assets has significantly increased, now exceeding $200 million, largely due to early strategic investments. This division of assets has created a dichotomy in management approaches between the two co-founders.</p>
<h2 id="how-can-this-internal-dispute-be-settled">How Can This Internal Dispute Be Settled?</h2>
<p>Social media platforms have become a battleground for Zhang and Da, unfurling their disputes publicly since December. While Zhang accuses Da of past opacity in asset dealings, Da dismisses such claims as groundless.</p>
<blockquote>
 <p>Da Hongfei, addressing the corruption allegations, stated, “These are very harsh and baseless accusations. There is no corruption or inappropriate use of funds.”</p>
</blockquote>
<p>A recent reconciliation attempt in Hong Kong between the co-founders did not bear fruit. Da proposed shifting the Neo Foundation’s base to the Cayman Islands, alongside a management shake-up and redistributing $66 million worth of crypto to <a href="https://en.bitcoinhaber.net/brett-coin-eyes-potential-recovery" rel="noopener noreferrer nofollow">token</a> holders. Zhang, however, disagrees, opting instead for stronger adherence to Singapore’s jurisdiction and a detailed review of the financial management to date, insisting on transparency in community asset management.</p>
<p>The dispute revolves primarily around the governance of NEO’s treasury. For Da’s vision to be realized, Zhang must agree to migrate his NEO and GAS tokens into a shared, secure multi-signature wallet. Yet, Zhang’s willingness to collaborate remains uncertain.</p>
<blockquote>
 <p>Da emphasized, “We must sacrifice our individual control for the sake of restructuring. I am ready; I’m just unsure whether Erik is as well.”</p>
</blockquote>
<p>Community feedback is deemed vital in determining future steps, although immediate actions should include the transition to a more protected multi-signature system to boost security and investor confidence.</p>
<p>Current fragmentation in asset control has increased anxiety among investors and the community alike, especially as NEO’s market valuation has plummeted by 98% since its peak in 2018.</p>
<p>Da anticipates that, with Zhang’s agreement, a new governance setup could be operational within a few months. Yet, Zhang has remained publicly silent on his stance regarding the proposed restructuring.</p>
<h5><span>Continue Reading: </span><a href="https://en.bitcoinhaber.net/discord-and-discordance-neo-co-founders-in-the-limelight" rel="noopener noreferrer nofollow">Discord and Discordance: NEO Co-Founders in the Limelight</a></h5>

Discord and Discordance: NEO Co-Founders in the Limelight

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