Neo Co-Founders Clash Over Treasury Control as Da Hongfei Disputes Zhang’s Financial Disclosure Demands

TLDR:

• Erik Zhang controls the majority of Neo’s treasury and consensus voting power according to Da Hongfei’s claims.
• Da Hongfei has repeatedly requested transfer of NEO and GAS tokens to multisig addresses since N3 migration.
• Neo Foundation will release end-of-2025 financial report in Q1 2026 with preliminary figures shared beforehand.
• Da Hongfei plans to step back from Neo mainnet work on January 1, 2026, to focus on NeoX and SpoonOS projects.

Neo co-founder Erik Zhang has accused Da Hongfei of withholding Neo Foundation financial information. Zhang called for a complete and verifiable financial report from the organization. 

Meanwhile, Da Hongfei responded by stating that Zhang controls the majority of Neo’s treasury funds and consensus voting power. 

The dispute centers on fund custody and governance control within the blockchain project. Da announced plans to release financial figures despite the ongoing controversy between the two co-founders.

Treasury Control and Transfer Delays

Zhang stated that Da Hongfei will reduce his involvement in Neo mainnet operations starting January 1, 2026. 

The co-founder plans to concentrate efforts on NeoX and SpoonOS projects instead. Zhang emphasized the need for transparent financial reporting from the Neo Foundation regarding its operations and fund management.

Da Hongfei countered these claims by pointing to Zhang’s control over treasury assets. In a X post, Da stated that Zhang “controls the super majority of Neo’s treasury” and “dictates the voting of consensus nodes.” 

The response challenged the premise of Zhang’s call for financial disclosure. Da argued that a blockchain project cannot function properly under single-person custody arrangements.

According to Da Hongfei, he has repeatedly requested the transfer of NEO and GAS tokens from Zhang’s personal custody. The proposed solution involved moving these assets to Neo Foundation multisig addresses while keeping Zhang as a key holder. 

However, Da claimed that Zhang “has consistently found excuses to delay this process.” The transfer was reportedly scheduled to complete around the N3 migration timeline but remains pending.

Financial Reporting and Foundation Commitments

Da Hongfei explained his previous silence on custody issues was intended to maintain community confidence. He hoped for an orderly resolution through private discussions. 

However, the public dispute has now forced transparency on these internal governance matters. Da expressed regret for not addressing the situation earlier through public channels.

The Neo Foundation will release an end-of-2025 financial report during the first quarter of 2026. Da committed to sharing preliminary financial figures as they become available before the full report. 

Nevertheless, he clarified that this disclosure should not validate Zhang’s framing of the governance dispute. Instead, the report will demonstrate the actual distribution of project resources and control.

Da Hongfei reaffirmed his commitment to the blockchain project he helped create. He stated that Neo Foundation will maintain strict fiscal discipline given current resource limitations. 

The foundation plans to pursue the treasury custody transfer through all available methods. Da emphasized that neither he nor the foundation will abandon the project or its community despite the ongoing disputes.

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