Ondo Finance, managing 3.8 billion dollars in tokenized US Treasury assets, is facing a governance crisis following the death of its founder Nathan Allman in late May. CEO Ian De Bode allegedly appointed himself as sole director through a voting agreement before the end of the probate process, then proceeded to make binding decisions including hiring advisors, performance bonuses, and an attempt to add a compliant second director. A Delaware court must determine whether Ondo’s bylaws require collegial board approval for a vacant CEO position, which would invalidate all decisions made since May. The lawsuit was filed by Nathan Allman’s mother as legal representative of the estate. This legal battle threatens the institutional credibility of a major real-world assets player competing against firms like BlackRock and Franklin Templeton.
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