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NEO's recent turmoil has indeed exploded. This incident at the end of the year has completely exposed the centralization risks of established projects.
The root of the issue is actually not new—fund transparency and checks and balances of power. Erik Zhang (Chief Technology Officer) and Da Hongfei (Foundation spokesperson), the two founders, had already discussed privately who should take the lead. Da's suggestion at the time was that one person stepping back from frontline roles would be more efficient, and Erik agreed, letting Da manage the foundation. It sounded reasonable, but this dragged on for several years.
On December 31, Erik couldn't take it anymore and directly criticized on X: Da has not fulfilled the commitment to disclose funds over the years, the foundation's assets and expenses are opaque, and there are rumors that Da is independently developing competing chain projects like EON. Erik's demand was straightforward—immediately produce a complete and verifiable financial report. He also announced that starting January 1, 2026, Da would step down from work on the Neo mainnet and shift focus to NeoX sidechain and SpoonOS projects.
Da didn't stay silent and responded quickly: This is so ironic! Erik, you are holding massive amounts of NEO and GAS in custody, and you control the voting rights of the consensus nodes. The risk of a one-man rule is unrestrained. I've been urging you for years to transfer these to multi-signature wallets, but you've been delaying. As for the financial report, it is planned to be released in Q1 2026, and I will do everything possible to push for the treasury transfer. By the way, I will never give up on NEO.
Seeing the situation is getting out of hand, the foundation quickly came out to speak: The disagreements among the founders will not affect daily operations, and the financial report will indeed be released in Q1.
The community was completely boiling over. This scene vividly exposes the centralization governance risks of old projects like NEO, and everyone is watching how to resolve this crisis.
This is the real decentralized nightmare. Promised transparency, but one black money fund hides a black treasury.
It should have blown up like this a long time ago. Dragging it out for years isn't better than a public showdown; at least the community can see what's really going on.
It seems NEO will either move toward true DAO governance or be dragged to death by these two founders' internal power struggles.
Friends, it's time to reflect. Old coins don't necessarily mean safe coins; centralized founders can still mess with you.
Honestly, this kind of thing is more frightening than a market crash.
One says one thing, the other claims the other holds too much power, and what’s the result? Neither is willing to let go. It’s hilarious—this is more real than any governance plan.
Neo has really laid all his cards on the table this time. After so many years of decentralization, it turns out to be the same old trick.
How to break the deadlock? Probably not that simple; power transitions have always been the hardest.
Let’s wait for the Q1 financial report, but who still believes now?
These two really outdo each other in throwing punches. The fact that the debate has reached this point shows there’s already no trust left.
So, no matter how big the project, it can’t escape the hurdle of human nature.
Everyone wants to prove they are innocent, but in the end, each one is more guilty than the other. The NEO incident is a perfect example of this.
Old projects dying from internal conflicts is no exaggeration.
Erik and Da, just stop arguing and show the financial reports already. Don't just talk big.
This transparency... where is the promised blockchain spirit?
The two gentlemen are arguing, but the ones suffering are the community's investors.
The chains of centralization are still wrapped around these old brands; there's no way to escape.
Neo: I have something to say... Everyone: Shut up, we're here for the show.
What is a game of power? This is a perfect example.
If this story weren't true, no one would believe it even in a novel.
Still watching, still watching, this plot is more ridiculous than a soap opera.
One says my transparency is poor, the other says your control is too strong, so both have original sins.
Financial report for Q1 just released? How long will they drag this out? I bet five bucks it will be delayed again.
Centralized projects are like this—promised decentralization, but in the end, it's still a one-man show.
If this happened in the Ethereum community, it would have been trending on hot searches long ago.
Watching how NEO will handle this, it feels a bit uncertain.