NEO governance tensions rise as co-founder Erik Zhang reportedly controls $250M treasury in single wallet, sparking feud with co-founder Da Hongfei

A $250M treasury in a single EOA means one compromised private key wipes the entire backstop. NEO ran 7 Foundation-controlled consensus nodes from 2017 and never decentralized despite years of roadmap items — an intra-Foundation key fight was always going to be the eventual failure mode. Compound migrated treasury control to Comp governance 2020, Arbitrum DAO went live 2023, MakerDAO decentralized years before — NEO never built meaningful on-chain governance. Co-founder feud with no DAO mediation is how chains lose their last institutional holders, especially ones already trading on legacy goodwill.

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