Ondo Finance, a leading provider of tokenized real-world assets including U.S. Treasuries, stocks and exchange-traded funds, is locked in a corporate governance dispute following the sudden death of its founder. Kathleen Allman, mother of Nathan Allman and personal representative of his estate, filed a verified complaint on July 24 in the Delaware Court of Chancery seeking removal of Ian De Bode as chief executive and president while establishing her authority over the company.

Nathan Allman, who founded the firm in 2021 after working at Goldman Sachs, died in late May 2026 at age 32. At the time of his death he served as chief executive, held one of two board seats and controlled a majority voting interest. The second board seat was vacant, leaving the company without sitting directors. Ondo announced shortly afterward that De Bode, then president, would assume the chief executive role.

Estate Claims Authority Through Hawaii Probate

According to the complaint, Allman’s controlling voting stake passed into his estate and could not be exercised until a personal representative was appointed. A Hawaii probate court named Kathleen Allman to that role on June 26. She asserts that this appointment gave her the power to reconstitute the board through stockholder written consent.

The estate alleges that De Bode improperly held himself out as chief executive without required board approval and attempted to install himself as sole director. It further claims he used the interim period to engage consultants, approve employee incentive packages and propose additional board members. The complaint states that Ondo’s bylaws required board action to fill a vacant chief executive position.

After obtaining voting authority, Kathleen Allman initially sought cooperation. She appointed herself sole director, confirmed De Bode as president and requested corporate records including a stockholder list. Those efforts, according to the filing, failed when De Bode and outside counsel declined to recognize her actions or produce the requested information.

She then expanded the board to four seats and appointed Tahnee Towill, Nathan Allman’s sister and a Hawaii-based executive recruiter. Gordon Liao was also proposed but declined for reasons described as unrelated to the dispute. On July 24, Kathleen Allman and Towill voted to remove De Bode from all officer, employee and consultant positions, including president. They appointed Kathleen Allman as chair, chief executive, secretary and treasurer. De Bode and company general counsel Mark Janoff attended the meeting, the complaint states.

De Bode Rejects Claims and Retains Public Role

De Bode has rejected the estate’s account. He continues to identify himself as chief executive, and Ondo’s public leadership materials listed him in that role as of early August. He maintains that current leadership retains backing from major investors including Founders Fund, Coinbase Ventures, Tiger Global and Wintermute, as well as the Ondo Foundation.

Three related filings in the Delaware Court of Chancery ask judges to determine lawful control of the company and to preserve the status quo while the litigation proceeds. No ruling had been issued as of August 7. The court will need to examine the legal effect of the estate’s ownership, the validity of the stockholder consents and the authority behind De Bode’s original appointment.

Representatives of the Allman-led board have stated that its role is temporary. The board remains focused on maintaining operations and advancing Nathan Allman’s vision for on-chain finance while searching for a long-term successor. The firm recently appointed Adam Schlisman, formerly of Blockchain.com, as chief financial officer.

Market Reaction and Broader Context

News of the dispute coincided with selling pressure on the ONDO governance token. The token declined roughly 6 to 9 percent in the days surrounding public reports of the lawsuit, with more than 10 million tokens moving to exchanges. Market capitalization of the token stood near $1.7 billion to $2 billion. No verified evidence indicated that the governance fight had disrupted Ondo’s tokenized products or the legal status of its assets.

The dispute arrives as Ondo continues to expand its tokenized securities business and engages with U.S. regulators. The company has pursued frameworks for recording tokenized security entitlements on Ethereum while relying on established broker-dealer records. Its offerings place it among the more prominent participants in the real-world asset sector.

Until the Delaware Court of Chancery issues a ruling or the parties reach a settlement, competing claims of authority persist. The estate maintains that De Bode was removed on July 24. Company materials and De Bode’s statements continue to present him as chief executive. The outcome will determine who can authorize major corporate actions, including contracts, spending and equity decisions, during the interim period.