For years, $NEO‘s treasury was held in a setup that would be unusual for most financial institutions: hundreds of millions of dollars in crypto assets were controlled through personal wallets, with no multisig protections and little formal oversight.

That person, according to co-founder Da Hongfei, is Erik Zhang, $NEO‘s other co-founder and the architect of its core protocol.

“Around 85% is controlled by Eric alone with single signature,” Da said in an interview. “It had never been transferred to any individual or any multi-sig.” The native $NEO and $GAS tokens Zhang holds are currently worth between $200 million and $250 million, Da estimated. That’s more than $NEO‘s current $197 million market capitalization.

Zhang, for his part, has…