Inside the Yescoin Turmoil: A Cautionary Tale of Startup Governance Gone Wrong

　　The cryptocurrency world was rocked on March 7th when TON ecosystem project Yescoin announced via Twitter that its founder, Zoroo (Zhang Chi), a Zhejiang University alumnus, had been detained by Shanghai police in Hangzhou following a business dispute with partner Wang Mouxin (Old Wang). The case has since escalated to criminal proceedings, though Yescoin maintains that operations continue unaffected.

　　In a detailed document, Wang Mouxin alleges that Zhang Chi had no actual investment relationship with either 3WW3 or other projects. He claims Zhang was primarily focused on his Tonverse project from February to early June, and orchestrated an illegal takeover in July, removing Wang's permissions and inciting members to seize control of the project.

　　The Hangzhou team, led by Zhang Chi, counters that they have contributed more to the project and that Wang was removed by unanimous decision due to unresolved profit-sharing disputes.

　　The conflict reveals deeper issues in the project's foundation. Eric, a core team member, explains that the initial seven-member team was a mix of 3WW3 internal recruits and Wang's external hires. Funding primarily came from 3WW3, with team members contributing through unpaid labor rather than direct capital investment.

　　A critical flaw in Yescoin's structure was the absence of formal legal entities or equity agreements. This lack of governance framework became the root cause of subsequent disputes. As the project gained traction in May 2023, discussions about equity distribution began, but Wang allegedly delayed concrete agreements.

　　The situation escalated in July when the Hangzhou team removed Wang from management, citing his inability to provide value to the project. Wang, however, claims that the team illegally seized control while he was traveling, taking advantage of lax permission management during the project's rapid growth.

　　Financial records show that during the project's peak from May to November, commercial activities generated approximately $2-3 million in revenue, all controlled by Wang. After taking over in November, the Hangzhou team reported $400,000-$500,000 in revenue, which they reinvested into the project.

　　The dispute has led to a "hard fork" in the Yescoin community, with both parties maintaining separate Telegram channels and bot permissions. Wang reportedly transferred the main channel's permissions through connections with the TON Foundation, while the Hangzhou team established new channels.

　　This case highlights critical lessons for Web3 startups:

　　1. The importance of establishing clear legal entities and equity structures from inception

　　2. The need for formal contracts and governance frameworks

　　3. The risks of rapid growth without proper permission management

　　4. The potential consequences of mixing personal and project finances

　　As the legal battle continues, the Yescoin saga serves as a stark reminder of the complexities in decentralized project management and the critical need for proper governance in the Web3 space.

　　(Note: The original article contained multiple external links and audio references which have been omitted in this professional rewrite to maintain focus on the core narrative and key takeaways.)