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NEO's Founders: A $460 Million Crypto Standoff

Power, Paranoia, and a Silent Feud

Erik Zhang controls NEO’s tokens—$197 million worth—single-handedly. No co-signatures, no shared custody, just his private keys. Meanwhile, Da Hongfei steers the other half through the Neo Global Development (NGD) foundation, spreading assets across Bitcoin, Ethereum, and cash. Between them, they hold double the project’s market value.

Yet trust? Nonexistent.

Their last civil conversation dates back to last winter. Every attempt to resolve their differences—ranging from closed-door meetings in Hong Kong to public GitHub disputes—has devolved into accusations, denials, and stalled negotiations. Zhang alleges hidden financial irregularities in past fund handling; Da dismisses his claims as baseless, calling them "blunt" and "empty," insisting no misconduct occurred.

The Numbers Don’t Lie—But They’re Hazy

NEO’s token value has plummeted—down 98% from its 2018 peak—yet the treasury has surged past $460 million. This glaring imbalance fuels suspicions. Where is the money going? Why the secrecy? The silence speaks volumes.

Now, both founders have laid out competing visions to salvage the project.

Da Hongfei’s Plan:

• Move the foundation offshore
• Remove both founders from the board for two years
• Distribute 66 million tokens directly to token holders

Erik Zhang’s Counter:

• Keep the foundation in Singapore
• Retain his board seat
• Demand an "investigation" into past financial decisions

Translation: He doesn’t trust the numbers NGD is reporting.

A Faustian Bargain—or a Trap?

Da frames their proposed compromise as mutual surrender:

• He loses control over Bitcoin and stablecoins
• Zhang relinquishes sole access to NEO’s tokens

But the catch? Zhang must hand over his private keys. And so far, he hasn’t taken the bait.

In a recent AMA, Da gave himself three months to make it happen. If Zhang refuses? Then what? Da throws the dilemma back at the community: "What do you do when one person holds half the project and refuses to share the wheel?"

The deadlock persists. Neither founder has spoken since this story’s publication.

The clock is ticking. The war of words isn’t over.