Power struggle erupts at Ondo Finance after founder’s death
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Summary
Following the death of Ondo Finance founder Nathan Allman in May 2026, a corporate control dispute has emerged between Allman's estate and the company's former President and current CEO, Ian De Bode. The estate alleges that De Bode unlawfully seized control of Ondo Finance before probate proceedings were completed, and they have filed lawsuits with the Delaware Chancery Court seeking a ruling on lawful control and to prevent extraordinary corporate actions until governance issues are resolved. Allman’s estate, led by his mother Kathleen Allman, reconstituted the board and voted to remove De Bode, who denies the allegations.
Why it matters
The legal uncertainty over who controls Ondo Finance could affect key corporate functions such as contracts, expenditures, and equity issuances, posing risks to the stability and operations of the company. The dispute touches on governance norms and the continuity of a real-world asset tokenization firm, highlighting potential vulnerabilities in leadership succession amid sudden founder departures in crypto firms.
Key context
Nathan Allman was Ondo Finance’s CEO, sole director, and controlling shareholder at the time of his death, with his voting power becoming part of his estate pending probate. The estate claims De Bode’s unilateral claim to the CEO position and director powers violated Ondo’s bylaws, which require board action to fill such vacancies. Kathleen Allman initially sought a cooperative transition but escalated to removing De Bode after disputes over corporate record access and governance actions.
Key numbers and entities
Key entities involved include Nathan Allman (founder, deceased), Kathleen Allman (Nathan’s mother and estate’s personal representative), Ian De Bode (former President and current CEO), Ondo Finance (tokenization firm), and the Delaware Chancery Court. Specific figures such as Nathan Allman’s voting stake size and cause of death are redacted in public filings.
What remains unclear
The court has not ruled on the allegations, and the filings represent only the estate’s perspective. Details about the exact size of voting stakes, the cause of Nathan Allman’s death, and the internal company agreements remain confidential or undisclosed in the source. The ultimate lawful controller of Ondo Finance is yet to be determined by the court.