A legal battle over control of Ondo Finance has erupted after the death of founder Nathan Allman. Kathleen Allman, his mother and the representative of his estate, has filed a complaint in Delaware’s Chancery Court seeking to assert voting authority over the company and remove CEO Ian De Bode. The case puts corporate governance in the crypto sector under the spotlight.
The complaint alleges that Ian De Bode assumed the role of chief executive without board approval just days after Nathan Allman’s death and attempted to appoint himself as the company’s sole director. Kathleen Allman argues that the estate holds a controlling voting interest and the right to reconstitute the board. She claims she holds the authority to remove De Bode and install new leadership.
De Bode has pushed back, calling the allegations meritless and asserting that Ondo retains support from key investors, the Ondo Foundation, and its ecosystem. He stated that the leadership team remains focused on the late founder’s vision.
According to the filing, Ondo had no active directors at the time of Allman’s death, leaving the board seat vacant. The estate says De Bode also withheld the shareholder list and used company resources to pressure Kathleen Allman into signing documents supporting his leadership. After being appointed personal representative by a Hawaii court in late June, she signed a stockholder consent appointing herself as sole director and expanded the board to four seats, later voting to remove De Bode and install herself as chair, CEO, secretary, and treasurer.
The Delaware court’s decision will determine who ultimately controls the real-world asset tokenization platform. The outcome could set a precedent for succession planning and governance disputes in the crypto industry, impacting investor confidence in ONDO.
