Neo co-founder proposes $461M treasury overhaul to end ‘trust me’ governance

Neo’s proposed overhaul would restructure its foundation, return tokens to the community and impose formal oversight, as co-founders clash over governance and control.

Neo co-founder Da Hongfei has proposed a sweeping overhaul of the Neo Foundation after years of deadlock with co-founder Erik Zhang left one of crypto’s oldest networks effectively paralyzed.

The plan follows Neo’s first public financial disclosure since 2019, showing about $461 million in assets held across the Neo Foundation (NF) and Neo Global Development (NGD) at the end of 2025.

The proposed restructuring aims to replace what Hongfei described as informal, founder-driven governance, arguing the outcome could serve as a test case for how aging blockchain networks manage large treasuries and transition away from founder control.

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