Neo co-founder Da Honfei announced the results of an independent consensus process review examining Neo Global Development’s digital asset holdings. The investigation, conducted by a Hong Kong-based CPA firm whose identity has not been made public, confirmed the quantity of seven digital assets held in NGD Binance accounts as of March 30.
This publication marks the first completed output from the independent financial review process that NGD announced on March 20th. This follows Mr Dar’s promise at the AMA on March 4 to secure at least one audit firm by the end of March, a commitment made amid continued community scrutiny of Neo’s financial transparency.
Report contents
AUP’s efforts were conducted in accordance with Hong Kong Standard 4400 (Revised) for Related Services. AUP is not an audit or assurance engagement. The practitioner performs specific steps agreed with the client and reports findings of fact without expressing an opinion on the financial statements as a whole.
Three steps were performed. First, practitioners obtained a list of digital assets created by Da Honfei, a director of Neo Global Development Ltd, a company incorporated in the British Virgin Islands.
The practitioner then observed the Binance account holder under Da’s operations and confirmed that the account (user ID 36226729) was registered with Neo Global Development Ltd.
Finally, the practitioner compared the quantities shown in the Binance account with the Da list and confirmed that they matched.
Confirmed possession
Verified NGD Binance accounts contain the following digital assets as of March 30, 6:37 AM UTC:
- USDC: 111,536,196.92
- BTC: 1,110.34
- Neo: 1,254,424.03
- Gas: 1,600,697.17
- USDT: 648,842.43
- Ethereum: 93.58
- BNB: 27.89
This report provides quantities only and does not include valuation in USD.
Scope and limitations
The AUP covers digital assets currently held by NGD. Neo’s fiscal year 2025 financial report, published in March, revealed that as of December 31, 2025, the consolidated financial assets of both Neo Foundation and NGD were US$460.8 million. Of this amount, NGD accounted for $236.1 million.
The report itself notes that additional procedures may have exposed further issues and that the results may not be suitable for purposes other than to assist the Company.
transparency context
The engagement with AUP is part of a broader transparency effort following public disagreements between Mr. Da and another Neo co-founder, Eric Chan, over Treasury oversight and financial disclosure.
In a conversation with Neo News Today, Da noted that NGD has integrated assets into Binance accounts to simplify the verification process, among other things. While there are real challenges in verifying asset holdings across multiple self-custodial wallets, CPA firms can use a single registered exchange account to verify both ownership and asset quantity in one place.
Da also noted that the CPA firm had asked that its name not be published with the report. Accounting firms that work with crypto clients face heightened reputational and regulatory risks, a trend that intensified after the FTX collapse in 2022, when firms such as Mothers Group and Armanino cut ties with crypto companies under pressure from regulators and their own non-crypto clients. A 2023 Bloomberg study found that many crypto companies cited auditors’ unwillingness to get involved as the reason for the lack of independent reviews. In this environment, some companies are taking on involvement in digital assets on the condition that their involvement will not be made public.
Neo’s restructuring roadmap, outlined in its 2025 report, targets four transitions by the end of 2026: multi-signature custody of all assets, community-driven governance, annual reporting with independent audits, and community empowerment pathways.
The completed AUP represents the first independent external verification of some of Neo’s reported financial holdings.
The full post can be viewed at the link below.
https://x.com/dahongfei/status/2039298961660616954
