NEO Founder Zhang Zhengwen: Da Hongfei misappropriated foundation resources to launch the new project EON, diluting the value of the NEO ecosystem.

PANews reported on January 1st that, in response to the recent accusations between NEO's two founders, Da Hongfei and Zhang Zhengwen, regarding each other's monopolization of financial power and lack of transparency, Zhang Zhengwen (Erik Zhang) stated that Da Hongfei decided to use the resources and funds of the Neo Foundation (NF) to launch an independent new project, EON, and issue new tokens. Zhang Zhengwen believes this move presents a significant conflict of interest, not only diluting the value of the Neo ecosystem but also directly leading to the withdrawal of Neo mainnet resources. He has decided to return to full management of the Neo mainnet to defend the core rights of NEO/GAS holders. At the same time, Zhang Zhengwen released the current status of the accounts under his management.

• On-chain transparent assets (NEO/GAS):

  • Protocol-level transparency: Currently, the vast majority of the Neo Foundation's NEO and GAS assets are publicly distributed across 21 initial node addresses and one multisignature wallet. These addresses are the cornerstone of the Neo protocol's operation, and the global community can conduct real-time audits at any time.

  • Asset Flow Explanation: Previously, during the period when Da Hongfei requested Erik to withdraw from the foundation's management, at Da Hongfei's request, approximately 8 million NEO/GAS tokens were transferred to multiple multi-signature addresses designated by Da Hongfei.

  • Internal Payment Standard Operating Procedure (SOP): To ensure the compliance of core asset usage, a strict four-step process has always been implemented: (1) NGD submits a budget request; (2) Da Hongfei approves the request; (3) Erik is responsible for the technical payment execution; and (4) the financial records are entered into. This process exists to ensure procedural justice for every core expenditure.

• Opaque assets (risks associated with non-NEO/GAS assets):

  • Single-person control: Apart from the aforementioned transparent NEO/GAS, all auxiliary assets held by the Neo Foundation (including but not limited to BTC, ETH, and other ecosystem project tokens) are currently under the actual control of Da Hongfei.

  • Audit deficiencies: Zhang Zhengwen stated that these assets have remained in a "black box" state for many years, and Da Hongfei has yet to provide any verifiable financial statements, asset lists, or audit certificates.