A leadership dispute at Ondo Finance has spilled into Delaware Chancery Court, with three separate filings now laying out competing claims over who legitimately controls the tokenized real-world asset issuer. The fight traces back to the sudden death of founder and CEO Nathan Allman at age 32 in May 2026, an event that left the company without a clear succession plan.
In the immediate aftermath, then-president Ian De Bode claimed he had automatically become CEO under the company's bylaws. He elected himself the company's sole director and began taking corporate actions in that capacity, including hiring outside advisors and approving performance grants. The estate's filings argue that move was invalid from the start, since Ondo's bylaws require an affirmative board vote — not automatic succession — to fill a vacant CEO seat.
The Estate Steps In
The dispute shifted on June 26, when Nathan Allman's mother, Kathleen Allman, was formally appointed personal representative of his estate through probate proceedings in Hawaii, giving her voting authority over his controlling stake in the company. Court filings indicate she initially pursued a cooperative transition: she appointed herself to Ondo's board, requested corporate records, and reaffirmed De Bode as president rather than moving to oust him outright.
That cooperation broke down by July 24. According to the filings, when De Bode refused to cooperate further, Allman expanded the board, appointed new directors, and voted to remove De Bode from all of his positions — naming herself both chair and interim CEO in the process.
Dueling Accounts
De Bode has pushed back publicly on the estate's version of events.
“Ms. Allman’s claims are meritless, and that will come through clearly in court. The company continues to have support of key stakeholders.”
Ondo's board, for its part, has characterized Allman's leadership as a transitional arrangement meant to stabilize governance while the company searches for a permanent successor, rather than a permanent takeover.
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The litigation puts a spotlight on a structural risk that rarely gets attention in crypto: what happens to a fast-growing tokenization firm when a founder who holds outsized control dies without settled succession plans. Ondo has emerged as one of the more prominent players in the real-world-asset tokenization race, and the uncertainty over its leadership comes at a moment when institutional partners are watching the sector closely.
Company Moves Ahead Regardless
Even as the court fight plays out, Ondo has continued making executive hires. In early August, the company brought on former Blockchain.com chief financial officer Adam Schlisman, a signal that day-to-day operations are continuing despite the unresolved question of who has final authority over the business. It remains unclear how quickly the Delaware court will move to resolve the underlying control dispute, or whether a settlement between the estate and De Bode could pre-empt a ruling.
