Inside Neo Blockchain Fallout: Co-Founders Trade Barbs Over Money and Power

Key Takeaways

• Neo co-founders Erik Zhang and Da Hongfei are publically warring implicit the project’s finances and control.

• Zhang says Hongfei has kept the finances concealed for years and indispensable present stock a afloat report.

• The statement undermines spot successful Neo, with some parties claiming to support the project.

The Neo blockchain, often referred to arsenic the “Chinese Ethereum” owed to its astute declaration capabilities and absorption connected integer assets, has been rocked by a nationalist feud betwixt its co-founders, Da Hongfei and Erik Zhang. 

This quality centers connected fiscal transparency, power implicit the project’s treasury, and allegations of governance hijacking.

As of Dec. 31, the co-founders had exchanged pointed allegations connected X, with each believing the different was to blasted for opacity and imaginable assets waste. 

Neo co-founder Erik Zhang accused Da Hongfei of failing to disclose Neo Foundation finances and urged a complete, verifiable report.

He said Hongfei volition measurement backmost from Neo mainnet work, effectual Jan. 1, 2026, to absorption connected NeoX and SpoonOS. 

Hongfei replied that Zhang controls astir NEO funds and statement power, stating that 1 idiosyncratic should not tally the project. He had agelong pushed for moving NEO/GAS to NF multisig wallets, but Zhang had repeatedly delayed the transfer. 

“Before today, I avoided raising this publically to support assemblage assurance and to springiness abstraction for an orderly resolution. That soundlessness was calved of the anticipation that helium would grant his promise. That restraint has present been misinterpreted. I should person done this earlier.”

This has sparked concerns astir Neo’s aboriginal stability, peculiarly considering its past of pivots from Antshares to Neo, arsenic good arsenic migrations specified arsenic N3. 

The contention betwixt the 2 founders of the fashionable blockchain web highlights deeper issues successful decentralized task management, wherever idiosyncratic power implicit funds tin undermine assemblage trust.

The latest spat betwixt the 2 co-founders stems from a protracted humanities struggle of oversight.

Zhang alleged that Hongfei approached him privately, earlier 2025, claiming that associated oversight was inefficient and suggesting that 1 of the founders measurement down.

The co-founder allegedly agreed to withdraw, believing it would payment Neo.

Zhang realized that Hongfei was moving connected AEON, a caller blockchain task with its ain coin that mightiness perchance utilize Neo’s resources. 

This motivated Zhang to instrumentality and question what helium regarded arsenic a struggle of interest.

According to Zhang, a telephone telephone statement was reached, wherever Hongfei would disclose fiscal reports and displacement absorption to broadside projects, specified arsenic NeoX, a cross-chain bridge, and SpoonOS, an operating strategy furniture for Neo.