Neo co-founders in public dispute over funds and governance

Da Hongfei and Erik Zhang, the co-founders of the Layer 1 blockchain network Neo (NEO), are in a public dispute over the project's financial and governance operations, Wu Blockchain reported. Da Hongfei stated that Zhang controls the majority of Neo's funds and consensus node voting rights. He claimed to have long urged Zhang to transfer personally managed NEO and GAS tokens to the Neo Foundation's multi-signature address, but said Zhang has repeatedly made excuses to delay the action. Da added that the foundation's financial report, which Zhang had demanded, will be released in the first quarter of next year. Previously, Zhang had criticized Da for not disclosing the Neo Foundation's financial status and called for a full, verifiable report. Zhang also noted that Da is scheduled to step down from Neo mainnet-related work on Jan. 1, 2026, to focus on the NeoX and SpoonOS projects.