Controversy Grows Over Binance-Listed Altcoin Once Known as “China’s Ethereum”: Founders Issue Statement

NEO, an altcoin listed on Binance, is back in the spotlight following a heated disagreement among its founders.

Zhang Zhengwen (Erik Zhang), one of the project’s co-founders, made comprehensive statements about Neo’s current governance structure and financial situation, announcing his effective return to managing the Neo mainnet.

NEO’s two founders, Zhang Zhengwen and Da Hongfei, have recently publicly accused each other of monopolizing foundation resources and failing to provide sufficient transparency. Zhang stated that he would fully assume control of the mainnet administration to defend the fundamental rights of NEO and GAS holders.

According to Zhang Zhengwen, a large portion of the NEO and GAS assets belonging to the Neo Foundation are publicly distributed through a multi-signature wallet with 21 initial validator addresses. Previously, it was stated that approximately 8 million NEO/GAS tokens were transferred to multi-signature addresses designated by Da Hongfei during the process of Zhang’s withdrawal from the foundation’s management at Hongfei’s request.

However, Zhang alleged that secondary assets, such as BTC, ETH, and other ecosystem tokens, which are outside of these transparently traceable NEO/GAS assets, are effectively under Da Hongfei’s control. Zhang claimed that these assets have remained a “black box” for years, with no verifiable financial statements, detailed asset lists, or independent audit reports ever shared.

Zhang Zhengwen argued in his statement that the tension was short-term and that the community should focus on Neo’s long-term growth and sustainable development.

Zhang Zhengwen also touched upon Neo’s technical roadmap, stating that design and research work for Neo 4 is actively underway. He further indicated that efforts are being accelerated in areas such as ecosystem development, international collaborations, tokenization of real-world assets (RWA), stablecoin integrations, and cross-chain interoperability.

*This is not investment advice.

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