Neo Co-Founder Erik Zhang Demands Accountability as $200M Crypto Vault Remains Under One Man's Control

A $200 million crypto treasury is controlled by a single individual, exposing the Neo blockchain project to a critical central point of failure. This immense concentration of power has ignited a bitter and public governance crisis between the project's co-founders, Da Hongfei and Erik Zhang, who are now pushing diametrically opposed plans to resolve the standoff.

The conflict centers on control of the project's funds and future. Da Hongfei advocates for a restructuring that would establish independent governance and implement multi-signature protection for the treasury, a standard security practice in decentralized finance. In stark opposition, Erik Zhang is demanding formal accountability investigations into the project's management and insists on retaining his position on the board. The dispute lays bare a fundamental rift over transparency and power within one of the industry's longer-standing projects.

The stalemate places the entire project's operational security and legitimacy under intense scrutiny. With such a vast sum accessible to one keyholder, the risk of mismanagement, unilateral action, or catastrophic loss is significantly heightened. The co-founders' inability to agree on a path forward signals deep internal dysfunction and raises serious questions about Neo's adherence to the decentralized principles it was founded upon, potentially eroding user and investor confidence.