Kathleen Allman says Ian De Bode declared himself CEO without board approval after her son’s death, and asks a Delaware judge to confirm she controls Ondo.
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Posted August 7, 2026 at 6:37 am EST.
A corporate control fight has broken out at tokenized real-world asset issuer Ondo Finance, with the mother of founder Nathan Allman accusing former president and current CEO Ian De Bode of improperly seizing control of the company after Allman’s death in May, The Block first reported Thursday.
Allman died as Ondo’s CEO, sole director and controlling shareholder, leaving the board with no sitting directors and his voting power locked inside his estate, Kathleen Allman was quoted as saying in the filings by CoinDesk. She was appointed personal representative by a Hawaii probate court on June 26.
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ONDO, the native token of Ondo, carries a market value near $2 billion, and the company is one of the largest issuers in real-world asset tokenization, with products including the USDY and OUSG tokens. The estate is seeking an expedited ruling on the grounds that uncertainty over who runs the company could affect contracts, spending and equity issuances.
The complaint says De Bode claimed he automatically became CEO under Ondo’s bylaws without board action, installed himself as sole director through a voting agreement, and began hiring advisors and approving performance grants, according to the reports. Allman reportedly said she initially sought a cooperative transition, reaffirming De Bode as president, but alleges the company refused to recognize her authority or hand over a shareholder list. She expanded the board and appointed Gordon Liao, who declined, and Tahnee Towill, Nathan Allman’s sister. On July 24, the two voted to remove De Bode from all positions and installed Allman as chair and interim CEO.
De Bode reportedly said Allman’s claims are “meritless” and that Ondo retains the support of its lead investors and the Ondo Foundation, calling the lawsuit not in the interests of the company or its stockholders.
Nathan Allman founded Ondo in 2021 after leaving Goldman Sachs, raising $20 million in a 2022 Series A backed by Founders Fund and Pantera Capital. The SEC closed a two-year investigation into the firm without charges in December.
Related Listen: Should Tokenized Stock Only Come From Issuers? Yes, Says Carlos Domingo
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
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