Neo co-founder Da Hongfei has published the results of an independent Agreed-Upon Procedures review verifying Neo Global Development’s digital asset holdings. The review, conducted by a Hong Kong-based CPA firm whose identity was not publicly disclosed, confirmed the quantities of seven digital assets held in an NGD Binance account as of March 30.
The publication marks the first completed deliverable from the independent financial review process that NGD announced on March 20. It follows Da’s commitment during a March 4 AMA to secure at least one audit firm by the end of March, a pledge made amid ongoing community scrutiny of Neo’s financial transparency.
What the report covers
The AUP engagement was conducted in accordance with Hong Kong Standard on Related Services 4400 (Revised). An AUP is not an audit or assurance engagement. The practitioner performs specific procedures agreed upon with the client and reports factual findings, without expressing an opinion on the financial statements as a whole.
Three procedures were performed. First, the practitioner obtained a list of digital assets prepared by Da Hongfei as Director of Neo Global Development Ltd, a company incorporated in the British Virgin Islands.
Second, the practitioner then observed the Binance account holder under Da’s operation and confirmed the account (user ID 36226729) is registered to Neo Global Development Ltd.
Finally, the practitioner compared the quantities shown in the Binance account against Da’s list and found them to be in agreement.
Confirmed holdings
The verified NGD Binance account held the following digital assets as of March 30 at 6:37 a.m. UTC:
- USDC: 111,536,196.92
- BTC: 1,110.34
- NEO: 1,254,424.03
- GAS: 1,600,697.17
- USDT: 648,842.43
- ETH: 93.58
- BNB: 27.89
The report provides quantities only and does not include USD valuations.
Scope and limitations
The AUP covers digital assets currently held by NGD. Neo’s FY 2025 financial report, published in March, disclosed US $460.8 million in consolidated treasury assets across both the Neo Foundation and NGD as of Dec. 31, 2025. NGD accounted for $236.1 million of that total.
The report itself notes that additional procedures might have surfaced additional matters and that the findings may not be suitable for purposes beyond assisting the Company.
Transparency context
The AUP engagement is part of a broader transparency effort that followed public disagreements between Da and the other Neo co-founder Erik Zhang over treasury oversight and financial disclosure.
In a conversation with Neo News Today, Da noted that NGD consolidated assets into its Binance account specifically to simplify the verification process. Verifying holdings across multiple self-custodied wallets presents practical challenges, whereas a single registered exchange account allows a CPA firm to confirm both ownership and asset quantities in one place.
Da also noted that the CPA firm had requested its name not be publicized alongside the report. Accounting firms working with crypto clients face heightened reputational and regulatory risk, a dynamic that intensified after the collapse of FTX in 2022, when firms including Mazars Group and Armanino severed ties with crypto companies under pressure from regulators and their own non-crypto clients. A 2023 Bloomberg survey found that many crypto companies cited auditors’ unwillingness to engage as the reason they lacked independent reviews. In this environment, some firms take on digital asset engagements on the condition that their involvement is not publicized.
Neo’s restructuring roadmap, outlined in the FY 2025 report, targets four transitions by the end of 2026: multi-signature custody for all assets, community-driven governance, annual reporting with independent audits, and community empowerment pathways.
The completed AUP represents the first independent external verification of any portion of Neo’s reported treasury holdings.
The full post can be found at the link below:
https://x.com/dahongfei/status/2039298961660616954
