Neo co-founder Da Honfei introduced the outcomes of an unbiased consensus course of assessment inspecting Neo International Improvement’s digital asset holdings. The investigation, performed by a Hong Kong-based CPA agency whose id has not been made public, confirmed the amount of seven digital belongings held in NGD Binance accounts as of March 30.
This publication marks the primary accomplished output from the unbiased monetary assessment course of that NGD introduced on March twentieth. This follows Mr Dar’s promise on the AMA on March 4 to safe at the very least one audit agency by the top of March, a dedication made amid continued neighborhood scrutiny of Neo’s monetary transparency.
Report contents
AUP’s efforts had been performed in accordance with Hong Kong Customary 4400 (Revised) for Associated Providers. AUP is just not an audit or assurance engagement. The practitioner performs particular steps agreed with the shopper and experiences findings of reality with out expressing an opinion on the monetary statements as a complete.
Three steps had been carried out. First, practitioners obtained an inventory of digital belongings created by Da Honfei, a director of Neo International Improvement Ltd, an organization integrated within the British Virgin Islands.
The practitioner then noticed the Binance account holder underneath Da’s operations and confirmed that the account (person ID 36226729) was registered with Neo International Improvement Ltd.
Lastly, the practitioner in contrast the portions proven within the Binance account with the Da listing and confirmed that they matched.
Confirmed possession
Verified NGD Binance accounts comprise the next digital belongings as of March 30, 6:37 AM UTC:
- USDC: 111,536,196.92
- BTC: 1,110.34
- Neo: 1,254,424.03
- Gasoline: 1,600,697.17
- USDT: 648,842.43
- Ethereum: 93.58
- BNB: 27.89
This report offers portions solely and doesn’t embrace valuation in USD.
Scope and limitations
The AUP covers digital belongings at the moment held by NGD. Neo’s fiscal 12 months 2025 monetary report, revealed in March, revealed that as of December 31, 2025, the consolidated monetary belongings of each Neo Basis and NGD had been US$460.8 million. Of this quantity, NGD accounted for $236.1 million.
The report itself notes that further procedures could have uncovered additional points and that the outcomes will not be appropriate for functions apart from to help the Firm.
transparency context
The engagement with AUP is a part of a broader transparency effort following public disagreements between Mr. Da and one other Neo co-founder, Eric Chan, over Treasury oversight and monetary disclosure.
In a dialog with Neo Information In the present day, Da famous that NGD has built-in belongings into Binance accounts to simplify the verification course of, amongst different issues. Whereas there are actual challenges in verifying asset holdings throughout a number of self-custodial wallets, CPA companies can use a single registered trade account to confirm each possession and asset amount in a single place.
Da additionally famous that the CPA agency had requested that its identify not be revealed with the report. Accounting companies that work with crypto shoppers face heightened reputational and regulatory dangers, a development that intensified after the FTX collapse in 2022, when companies comparable to Moms Group and Armanino lower ties with crypto firms underneath strain from regulators and their very own non-crypto shoppers. A 2023 Bloomberg examine discovered that many crypto firms cited auditors’ unwillingness to get entangled as the explanation for the dearth of unbiased evaluations. On this atmosphere, some firms are taking up involvement in digital belongings on the situation that their involvement is not going to be made public.
Neo’s restructuring roadmap, outlined in its 2025 report, targets 4 transitions by the top of 2026: multi-signature custody of all belongings, community-driven governance, annual reporting with unbiased audits, and neighborhood empowerment pathways.
The finished AUP represents the primary unbiased exterior verification of a few of Neo’s reported monetary holdings.
The complete put up might be considered on the hyperlink beneath.
https://x.com/dahongfei/standing/2039298961660616954
