A highly anticipated gathering between Neo co-founders Erik Zhang and Da Hongfei on January 26, 2026, aimed to address growing tensions regarding governance and financial oversight. However, the meeting concluded without agreement, marking the start of a new public conflict and highlighting the differing visions held by the two leaders.
In the lead-up to the meeting, both Zhang and Da indicated a desire to reach a consensus. Zhang underscored the importance of financial transparency and a concentrated effort on the development of Neo”s MainNet. Conversely, Da shared a preliminary financial overview detailing over $430 million in total assets held by the Neo Foundation and Neo Global Development, reiterating four strategic goals for 2026: commitment to ecosystem assets, alignment through NEO/GAS accumulation, an expanded community grant initiative, and a pledge for full financial transparency.
Post-meeting, Zhang publicly criticized the discussions as unproductive, stating that his three primary demands—verifiable financial oversight, the cessation of EON (a separate blockchain initiative), and access to Neo”s official communication platforms—were all declined. He subsequently called on Da to resign from his leadership roles within the Neo ecosystem.
Da took a different stance, expressing his openness to a framework of “limited cooperation,” which would allow both parties to pursue their independent paths where their visions diverged. He contested Zhang”s interpretation of the meeting and described the request for oversight as an attempt to centralize control. Furthermore, Da confirmed that Zhang would receive publishing access to Neo”s official website and social media and noted that Neo Global Development would initiate purchases of NEO/GAS, with wallet addresses to be disclosed post-execution.
To bolster transparency efforts, Da released a financial snapshot revealing the composition of assets within both entities. The data indicated that the Neo Foundation Treasury holds approximately $204.5 million, comprising $174 million in NEO/GAS in single-signature wallets, $30 million in multisig custody, and $0.5 million in ONT tokens classified as non-NEO assets. Additionally, Neo Global Development possesses $227.3 million, including $7.5 million in NEO/GAS, $8.8 million in non-NEO capital, $17.1 million in ongoing investments, and $193.9 million in realized returns, primarily in BTC and stablecoins.
Zhang”s response to the asset breakdown emphasized the necessity for public wallet addresses, asserting that “in crypto, numbers without addresses are meaningless.” He argued that financial disclosures lacking genuine oversight only serve to document past decisions without preemptive controls. In contrast, Da acknowledged that enhanced financial reporting transparency would recommence quarterly from Q1 2026, attributing prior hesitations to regulatory considerations stemming from increased scrutiny on digital asset foundations in China post-2020.
The aftermath of the meeting escalated from governance disagreements to personal tensions. Zhang claimed that Da had undermined his legitimacy as a co-founder during their discussions, describing the encounter as “humiliating.” Da, however, highlighted his longstanding trust in Zhang regarding the management of the Neo Foundation”s treasury and affirmed his respect for him as a core developer, while challenging some of Zhang”s claims. He also accused Zhang of creating “smearing posts” to exert public pressure.
The two leaders interpreted “limited cooperation” differently, with Zhang viewing it as vague and inadequate, while Da framed it as a pragmatic approach to moving past governance impasses. Zhang maintained that authentic cooperation was unattainable without institutional checks, whereas Da cautioned against what he perceived as an effort to centralize authority under the guise of oversight. Throughout the day, both parties attempted to clarify their positions, but each perceived the other”s public messaging as selective or misleading. By the end of the day, their dialogue had shifted to broader concerns surrounding community trust, founder accountability, and the risk of fragmentation within Neo.
The community”s reaction exhibited a range of sentiments, with some expressing frustration over the unresolved issues and others advocating for enhanced transparency, rule-based governance, and collaborative efforts. Core developers and Council members urged both founders to consider comprehensive governance reforms, including the establishment of a structured treasury and strategy board. Acknowledging these concerns, both Zhang and Da responded positively to community suggestions aimed at improving grant mechanisms, promoting stablecoin integration, and facilitating technical upgrades.
Looking ahead, while the January 26 meeting did not settle the underlying disputes, it clarified the distinct positions and intentions of both leaders. Zhang is set to continue his role in the development of Neo v4.0, while Da has committed to increasing transparency, aligning NGD assets, and implementing new funding strategies for ecosystem growth. The situation remains fluid, with financial reports anticipated in Q1 2026 and ongoing discussions within the community regarding governance reforms. Although both founders have voiced a commitment to Neo”s success, they appear to be progressing along parallel paths, each emphasizing different approaches to accountability, oversight, and leadership.
