Long-standing domestic public blockchain NEO sees feud between two co-founders, with opaque finances as the core reason
It's unexpected to see even the long-standing domestic public chain having such a day. What's even more lamentable is that the domestic top AI projects Manus, Kimi, and Minimax have had consecutive heavyweight news for two days in a row. Either they were acquired for tens of billions of dollars, or they received billions in financing. However, the long-standing public chain has surprisingly started to have a falling out.
Currently, it seems that the two co-founders of the NEO public chain established in 2014, Zhang Zhongwen (Erik Zhang) and Da Hongfei, have basically completely fallen out, and they are still continuously bickering on Weibo. Based on the statements of both parties and public information online, an attempt has been made to figure out what exactly happened between the two founders of this long-standing public chain.
Financial Black Box
In fact, Zhang Zhongwen had already left NEO a few years ago, which he also confirmed on his own Twitter, and then officially returned in September this year. The catalyst for this falling out was in November when, according to community sources and public records, Zhang Zhongwen, as the technical core, encountered obstacles when seeking to obtain a detailed financial report and fund flow of the Neo Foundation.

Following this, Zhang Zhongwen accused the Neo Foundation of long-term opaque operation, with the asset situation resembling a "black box." He pointed out that Da Hongfei had long been in sole control of the Foundation's assets other than NEO/GAS tokens, and there was a lack of a comprehensive, auditable disclosure mechanism.
In today's back-and-forth between the two sides, we also discovered the reason why Zhang Zhongwen had left before. He said that Da Hongfei had approached him alone, saying that the two of them were inefficient in managing NEO, so he chose to temporarily step down from the management team in order to "increase efficiency." However, he found that Da Hongfei was using NEO's resources to develop an independent public chain project, EON. This also prompted his return and involvement in Foundation governance.
In a community discussion in November, Zhang Zhongwen had previously stated that NEO had relied on hackathons to create a "false prosperity" before, with no real users, and many hackathon projects disappeared after winning awards.
Escalation of Conflict
In December, Zhang Zhongwen publicly released a statement demanding that Da Hongfei fulfill his commitment to financial disclosure starting from December 9. Even more explosively, Zhang Zhongwen unilaterally announced that, according to a previous verbal agreement between the two, starting from January 1, 2026, Da Hongfei would no longer be involved in NEO MainNet affairs but would instead focus on the NeoX sidechain and the development and operation of the new project SpoonOS.
Da Hongfei promptly responded, stating that Zhang Zhongwen effectively controlled the vast majority of the funds in the NEO ecosystem (including core assets NEO and GAS tokens) and dominated the voting rights of consensus nodes. He also accused Zhang Zhongwen of delaying the transfer of funds to the Foundation's multisig address for years under various pretexts (such as waiting for the N3 migration to complete).
Dahongfei has committed to releasing the year-end financial report for 2025 in the first quarter of 2026 and will provide a preview of the data in advance.
You may also like

What the Tightest Part of the LALIGA Season Teaches About Crypto Trading Under Pressure
As pressure builds late in the LALIGA season, decision quality becomes the real differentiator. The same logic applies to disciplined crypto trading under volatility.

Massachusetts Judge Prohibits Kalshi from Offering Sports Bets
Key Takeaways A judge in Massachusetts has prohibited the prediction markets platform, Kalshi, from facilitating sports betting within…

Revolut Pursues Banking Expansion in Peru Amid Latin America Remittance Strategies
Key Takeaways Revolut seeks a banking license in Peru as part of its strategic expansion across Latin America,…

Crypto’s Next Challenge: Privacy and the Chicken-Egg Dilemma
Key Takeaways Privacy is becoming a central issue as cryptocurrencies move into traditional banking and state-backed systems. Regulatory…

Original Content Blocked: Importance of API Management
Key Takeaways: API management is crucial in preventing disruptions due to excessive requests. Implementing effective controls and monitoring…

VF-26 Unveiled: Zoomex and TGR Haas F1 Team Enter New Phase of Collaboration in 2026
Key Takeaways The unveiling of the VF-26 race car marks a new phase in the TGR Haas F1…

AI News Today: Can AI Make Blockchain Systems More Reliable in Live Crypto Markets?
Learn how AI is used in blockchain systems to detect risks, improve reliability, and support secure crypto trading in live crypto market environments.
What Is AI Trading in Crypto Markets and Why WEEX Alpha Awakens Matters in 2026
Learn what AI trading is and how WEEX Alpha Awakens tests AI trading strategies in live crypto markets, helping traders evaluate real AI trading platforms in 2026.
AI Wars Forked Entry Enters Key Phase as 8–10 AI Strategies Per Group Compete for a Single Final Spot
WEEX AI Wars is an AI trading competition and hackathon focused on real-market execution. Learn how AI trading strategies, algorithmic trading, and the prize pool work.

If I Were the Founder of Kaito, How Would InfoFi 2.0 Survive?
Key Takeaways InfoFi’s collapse highlighted the dangers of relying heavily on centralized platforms. The InfoFi project faces five…

2026 Airdrop Interoperability Guide: Navigating 182 Projects Across Eight Key Tracks
Discover comprehensive interaction strategies for 182 projects across eight tracks to capitalize on 2026 airdrop opportunities. Understand the…

ARK Founder “Wood Sister” 2026 Forecast: Gold Hits a Peak, Dollar Recovers, Bitcoin Sets Its Path
Key Takeaways Cathie Wood anticipates a “golden age” for the US stock market influenced by deregulation, tax cuts,…

CLARITY Act Stalls: Why Has the Interest-Bearing Stablecoin Become a Bank’s “Thorn in the Side”?
Key Takeaways The debate surrounding the CLARITY Act is primarily focused on interest-bearing stablecoins and their implications for…

Why Can Coinbase Halt a CLARITY Act Vote with Just One Sentence?
Key Takeaways Coinbase CEO Brian Armstrong’s opposition to the Clarity Act halted a critical Senate vote, showcasing the…

South Korea considers changing the one-bank rule for crypto exchanges: An In-depth Review
Key Takeaways: South Korea is examining the current “one exchange–one bank” model amidst concerns of market concentration, potentially…

Error Occurred Due to Excessive API Requests
Key Takeaways: – Excessive API requests can result in blocked access, highlighting the importance of managing request rates…

Only KYC Can Stop Insider Trading on Prediction Markets, Messari Says
Key Takeaways KYC regulations are essential in curbing insider trading on prediction platforms but are not foolproof. Non-KYC…

Tether Freezes $182 Million in Assets in One Day, Is USDT Still a Neutral Coin?
Key Takeaways: Tether recently froze around $182 million USDT on the Tron blockchain, aligning with U.S. government sanctions.…
What the Tightest Part of the LALIGA Season Teaches About Crypto Trading Under Pressure
As pressure builds late in the LALIGA season, decision quality becomes the real differentiator. The same logic applies to disciplined crypto trading under volatility.
Massachusetts Judge Prohibits Kalshi from Offering Sports Bets
Key Takeaways A judge in Massachusetts has prohibited the prediction markets platform, Kalshi, from facilitating sports betting within…
Revolut Pursues Banking Expansion in Peru Amid Latin America Remittance Strategies
Key Takeaways Revolut seeks a banking license in Peru as part of its strategic expansion across Latin America,…
Crypto’s Next Challenge: Privacy and the Chicken-Egg Dilemma
Key Takeaways Privacy is becoming a central issue as cryptocurrencies move into traditional banking and state-backed systems. Regulatory…
Original Content Blocked: Importance of API Management
Key Takeaways: API management is crucial in preventing disruptions due to excessive requests. Implementing effective controls and monitoring…
VF-26 Unveiled: Zoomex and TGR Haas F1 Team Enter New Phase of Collaboration in 2026
Key Takeaways The unveiling of the VF-26 race car marks a new phase in the TGR Haas F1…