I want to point out some inconsistencies in this post.
1. Claim of “supermajority control of the treasury.”
The assertion that Erik controls a “supermajority” of the treasury and consensus nodes is inconsistent with publicly verifiable on-chain data.
The addresses attributed to Erik currently hold approximately 6.7 million NEO and 3 million GAS. This figure is significantly lower than the 25 million NEO that Da Hongfei previously stated were held by the Neo Foundation earlier last year.
If the Foundation indeed controlled 25 million NEO as recently as that time, it is difficult to reconcile how the amount currently attributed to Erik could reasonably be described as a “supermajority” of the treasury.
2. Claim that Erik dictates consensus node voting
There is no evidence that Erik unilaterally dictates which consensus nodes are elected. On the contrary, available data suggest that his voting power is being used to support NGD-operated nodes, which are controlled by DHF, even if indirectly.
As shown in the referenced screenshot, there are five addresses with sufficient NEO to materially influence consensus voting (which requires roughly 800,000 NEO).
Of these five addresses:
- Three are voting for NGD-operated nodes
- Two are not voting at all
Currently, voting power is used to elect NGD-controlled nodes, such as NGD4, NGD6, and NGD8. Community-run candidates are receiving on the order of ~100,000 votes each, which is insufficient for election on their own.
In other words, while Erik may have execution control over certain votes, those votes are being used to favor NGD, not to hijack governance for personal control.
3. The “NF and I” statement and alleged resource constraints
The following passage is particularly confusing:
“NF and I remain committed to Neo’s long-term development and governance. Given the current resource constraints…”
Who exactly is being referred to as “NF” here? Is the Neo Foundation not essentially composed of DHF and Erik Zhang? If so, what distinction is being made?
It seems the platform was hijacked, but not by Erik.
More importantly, the claim of “resource constraints” does not align with previously stated figures.
If the Foundation truly controlled 25 million NEO earlier last year, how does the absence of 6.7 million NEO suddenly create constraints severe enough to justify emergency fiscal discipline?
4. “Figures will be shared as they become available”
This statement is also highly problematic:
“I will share preliminary figures as they become available.”
It isn't very easy to believe that these figures are not already available. This is a blockchain-based project; balances are transparent by design. Even if funds were placed into investment vehicles, it should be easy to obtain the current balance.
Suggesting that basic treasury figures are unavailable strains credibility and risks insulting the audience’s intelligence.
Additionally, the post was published on December 31, and it is now January 5. If preliminary figures were genuinely pending, they should already exist by now.
Finally, if, by any interpretation, the 6.7 million NEO attributed to Erik truly represents a “supermajority of funds held by NF,” then a far more serious and unanswered question remains:
What happened to the remaining ~18 million NEO over the past nine months?
It is ironic to be asked for "financial disclosure" by the very person who controls the super majority of Neo's treasury, dictates the voting of consensus nodes, and has shown no hesitation to hijack the protocol at the expense of the community and token holders.
A blockchain project cannot function under one man's custody. For years, I have urged Erik to transfer the NEO/GAS tokens from his personal custody to NF’s multisig addresses—with him remaining as a key holder. Yet, he has consistently found excuses to delay this process. Most recently, I was told it would be completed around the time the N3 migration finishes.
Before today, I avoided raising this publicly to protect community confidence and to give space for an orderly resolution. That silence was born of the hope that he would honor his promise. That restraint has now been misinterpreted. I should have done this earlier.
Neo is my brainchild, and I will never abandon it or this community. NF and I remain committed to Neo’s long-term development and governance. Given the current resource constraints, NF will enforce strict fiscal discipline. Meanwhile, we will continue to pursue the transfer of treasury custody through all available remedies.
An end-of-2025 NF/NGD financial report will be released in the first half of 2026 Q1. Before then, I will share preliminary figures as they become available. However, this release must not be viewed as a concession to Erik's framing of the issue. Instead, it will serve as a map revealing the stark reality of where the resources truly sit.