Neo co-founder and core developer Erik Zhang introduced on April 14th that he’ll type an advert hoc emergency committee with core builders and neighborhood leaders to take over the operations of the Neo Basis, citing NF’s dysfunction, unpaid workers and neighborhood members, and suspension of particular person salaries for eight months.
The announcement marks an escalation of an ongoing governance dispute between Zhang and fellow co-founder Da Hongfei that grew to become public in late December 2025. The announcement comes days after each founders printed competing governance reform proposals on GitHub.
Emergency measures and malfunction claims
Zhang stated the NF is “nearly dysfunctional now” and most enterprise items have “already begun to close down.” He stated neighborhood members and workers had been with out funding for “an prolonged time frame” and his personal wage had been suspended for eight months.
In his announcement, Zhang cited his position because the “founding father of.” $NEOcore builders, and NF Board members,” framing the committee as a mandatory intervention.
“To forestall additional injury, $NEO I’m the founding father of an ecosystem because of governance failure. $NEOBeginning right this moment, core builders and NF Board members will work with sure core builders and neighborhood leaders to type an advert hoc committee. ”
The Fee goals to handle and use NF funds to make sure the continued operation of the ecosystem. Zhang shared the principle tackle of the NF fund he presently manages and promised to make all fundraising selections public.
Zhang additionally reiterated his criticism of Dar’s monetary disclosures, saying Dar “has failed to supply the neighborhood with a sufficiently open, clear, and dependable clarification of the muse’s monetary scenario.” Neo issued its first monetary report in additional than 5 years in March, revealing that NF and Neo International Growth have whole belongings of US$460.8 million. This report was initially launched as a preview, however has since been finalized with no modifications to the numbers. NGD commissioned a Hong Kong-based CPA agency to conduct an unbiased consent course of evaluation and introduced the outcomes on April 2nd, confirming the portions of seven digital belongings held in NGD’s Binance account. The id of the CPA agency has not been made public.
Short-term association, two termination situations
Zhang stated the emergency measures had been clearly momentary and “not meant to function a everlasting governance construction.” The committee needs to be disbanded as soon as both his personal governance reform proposals or Mr Dar’s proposals are broadly accepted by the neighborhood.
The 2 proposals current contrasting visions for Neo’s future governance construction.
On April 9, Da Hongfei introduced a restructuring plan that may transfer NF from Singapore to the Cayman Islands, create a five-member board of administrators with each founders banned from workplace for twenty-four months, and redistribute about $26 million. $NEO Grants 40 million GAS to token holders and replaces floating votes with staked votes that require a 180-day launch interval.
Zhang responded 4 days later with a counterproposal that centered on historic accountability, sectoral board authority, and eliminating conflicts of curiosity. His proposal contains provisions for investigations into corruption and improper disposition of belongings, and states that historic tasks “shall not be suspended, extinguished, or prevented by governance reorganization, company restructuring, or change in tasks.”
Each proposals embody a five-person board construction, an unbiased supervisory position, on-chain governance, and $NEO Token holder voting as a supply of governance authority.
Mr. Zhang’s full assertion could be considered on the hyperlink under.
https://x.com/erikzhang/standing/2043993575004975546
