A bitter corporate control fight has erupted at Ondo Finance, one of the leading tokenized real-world asset issuers, following the death of founder Nathan Allman earlier this year.
Three filings in Delaware Chancery Court reveal that Allman's estate is seeking to remove current CEO Ian De Bode, accusing him of unlawfully seizing control of the company while probate proceedings temporarily left the founder's controlling voting stake in limbo.
The Timeline
Nathan Allman died in May 2026 as Ondo's CEO, sole director, and controlling shareholder. His voting power became part of his estate and could not be exercised until his mother, Kathleen Allman, was formally appointed personal representative through Hawaii probate proceedings on June 26.
According to the complaint, De Bode — who served as Ondo's president — claimed he automatically became CEO under the company's bylaws during the probate gap. He then allegedly elected himself as sole director through a voting agreement and began taking corporate actions, including hiring advisors, approving performance grants, and attempting to add another director.
The estate argues that Ondo's bylaws required board action to fill the CEO vacancy, rendering De Bode's actions invalid.
Failed Cooperation
After gaining authority to vote the estate's shares, Kathleen Allman initially sought a cooperative transition rather than an immediate removal. She reconstituted the board, appointed herself as a director, and reaffirmed De Bode as president while requesting basic corporate information including a shareholder list.
Those efforts failed. According to the filings, De Bode and the company's outside counsel refused to recognize her actions or provide the requested records.
Kathleen Allman subsequently expanded the board, appointed new directors, and at a July 24 board meeting voted to remove De Bode from all positions. She appointed herself chair and interim CEO.
CEO Responds
De Bode disputes the allegations. "Ms. Allman's claims are meritless, and that will come through clearly in court," he said in a statement. "The company continues to have the support of key stakeholders, including its lead investors and the Ondo Foundation. The current leadership team remains fully committed to Ondo."
He characterized the lawsuit as not being in the interests of the company, its stockholders, or the broader Ondo ecosystem.
What's at Stake
Ondo Finance is a significant player in the tokenized real-world asset space, having issued tokenized U.S. Treasury products and other structured financial instruments onchain. The governance uncertainty could affect contracts, equity issuances, partnerships, and other corporate decisions.
The estate is seeking an expedited ruling, arguing that the ambiguity over who controls the company creates operational risk. The court has not yet ruled on the allegations, which currently reflect only the estate's version of events.
The case highlights an underappreciated risk in the crypto industry: corporate governance fragility when founder-controlled entities face succession crises. As the RWA tokenization sector grows — Citi projects it could reach $5.5 trillion by 2030 — governance infrastructure that can survive founder transitions becomes critical for institutional credibility.
The Ondo board said it remains focused on serving its community and "empowering our people to maintain our momentum, as we search for [Nathan Allman's] successor."