Surprise Altcoin in Major Internal Turmoil: Two Founders Clash, Serious Accusations Fly

The blockchain project Neo is making headlines due to a fierce disagreement that has erupted among its co-founders.

Erik Zhang, one of Neo’s co-founders, accused Da Hongfei, the other co-founder of the project, of failing to disclose the Neo Foundation’s (NF) finances transparently and demanded a full, verifiable financial report.

Zhang also stated that Da Hongfei will withdraw from Neo mainnet work as of January 1, 2026, shifting his focus to the NeoX and SpoonOS projects.

Da Hongfei responded sharply to the allegations. Arguing that Zhang effectively controls a large portion of Neo’s treasury and consensus power, Da maintained that a blockchain project cannot be managed “under the tutelage of a single person.” According to Da, there have long been calls for NEO/GAS assets to be transferred from Erik Zhang’s personal control to the Neo Foundation’s multisig wallets; however, this transfer has been repeatedly delayed by Zhang.

Da Hongfei made the following statement:

“It’s ironic to hear a demand for ‘financial transparency’ from someone who controls the majority of the Neo treasury, directs the votes of consensus nodes, and doesn’t hesitate to seize control of the protocol at the expense of the community and token holders.”

Da Hongfei said the reason he hadn’t brought the issue public until now was to protect community trust and create space for an orderly solution. However, he argued that this silence was misunderstood and that he now had to speak out. “Neo is my idea, and I will never abandon this community,” he said.

Da Hongfei announced that the Neo Foundation’s financial report for the end of 2025 will be published in the first quarter of 2026. He added that preliminary figures will be shared as much as possible until then. However, he stated that this step should not be seen as a “concession” to Erik Zhang’s framing of the issue; rather, it will serve as a “map” revealing where the resources are actually located.

*This is not investment advice.

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