Blockchain project Neo has been in the news after a heated disagreement broke out between its co-founders.
Eric Zhang, one of Neo’s co-founders, has accused Da Hongfei, the project’s other co-founder, of not transparently disclosing the Neo Foundation’s (NF) finances and demanded a complete and verifiable financial report.
Zhang also said that Da Honfei will retire from Neo mainnet work as of January 1, 2026 and shift his focus to the NeoX and SpoonOS projects.
Da Hongfei reacted sharply to the allegations. Dar claimed that Zhang effectively controls most of Neo’s finances and consensus power, and that the blockchain project cannot be managed “under the supervision of one person.” According to Da, there have been calls for a long time to transfer NEO/GAS assets from Eric Chan’s personal management to the Neo Foundation’s multisig wallet. However, this transfer has been postponed many times by Zhang.
Da Hongfei said:
“It is ironic to hear calls for ‘financial transparency’ from someone who controls a large portion of Neo finances, directs consensus node voting, and has no hesitation in seizing control of the protocol at the expense of the community and token holders.”
Da Hongfei said the reason for not making the matter public until now was to protect community trust and create space for an orderly resolution. But he said this silence was misunderstood and it was time to speak out. “Neo is my idea and I will never abandon this community,” he said.
Da Hongfei announced that the Neo Foundation’s year-end 2025 financial report will be published in the first quarter of 2026. Until then, provisional values will be shared as much as possible, it added. However, he said the measure should not be seen as a “concession” to Eric Chan’s framing of the issue. Rather, it acts as a “map” that reveals where resources actually are.
*This is not investment advice.
