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NEO's latest turmoil really exploded. With this drama at year-end, the centralization risks of legacy projects have been completely exposed.
The root of the problem isn't actually new—fund transparency and checks and balances on power. Erik Zhang (technical lead) and Da Hongfei (foundation spokesperson), the two founders, have been privately discussing who should lead for a long time. Da's suggestion back then was that one person stepping back from the frontline would be more efficient, and Erik agreed, letting Da manage the foundation. It seemed fine on the surface, but it just dragged on for years like this.
On December 31st, Erik couldn't take it anymore and directly blasted on X: Over these years, Da completely failed to fulfill the fund disclosure commitments, the foundation's assets and expenditures are murky, and there are rumors that Da is independently working on competitive chain projects like EON. Erik's demands were direct—immediately produce complete, verifiable financial reports. At the same time, he announced that starting January 1st, 2026, Da should step back from Neo mainnet work and shift focus to the NeoX sidechain and SpoonOS projects.
Da didn't stay silent and responded quickly: How ironic! Erik, you yourself hold massive amounts of NEO and GAS in custody and control the voting rights of consensus nodes—no one is constraining the risks of one-man rule. I've been pushing you for years to transfer these to multi-sig wallets, and you've been dragging your feet. As for the financial report, we plan to release it in Q1 2026, and I'll also use every means to push treasury transfers forward. By the way, I will absolutely not abandon NEO.
The foundation saw the situation was deteriorating and rushed to speak: The founders' disagreement won't affect daily operations, and the financial report will indeed come in Q1.
The community completely erupted. This scene has exposed the centralization governance risks of legacy projects like NEO in vivid detail, and everyone is watching how this will be resolved.