The death of Nathan Allman, founder and CEO of Ondo Finance, has triggered a leadership and succession crisis at the blockchain company best known for its tokenization of real-world assets.
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Nathan Allman, who launched Ondo Finance in 2021 after his tenure at Goldman Sachs, passed away suddenly in May 2026. At the time of his death, Allman held the roles of chief executive, sole board member, and majority shareholder of the company. Details about the cause of his death have not been disclosed in legal documents.
In the days following Allman’s passing, company president Ian De Bode publicly assumed the chief executive’s position, citing corporate bylaws. The company communicated this leadership change on its X account, indicating that De Bode’s succession was part of an automatic process outlined in internal documents.
However, Allman’s mother, Kathleen Allman, has mounted a challenge to De Bode’s leadership. She argues that at the time of her son’s death, there were no active board members besides the late founder, making any appointment to the CEO role unauthorized according to company procedure.
Nathan Allman’s passing left Ondo Finance in a state of transition, leading to a power struggle between Ian De Bode and Kathleen Allman over who is entitled to run the company and oversee major decisions.
Legal battles and key filings
Legal filings show that three separate petitions have been made to the Delaware Court of Chancery, seeking clarity on corporate control and asking the court to halt significant business decisions while the legal process unfolds.
Kathleen Allman’s ability to represent her late son’s voting interests was delayed until she was officially appointed as the estate’s personal representative by a Hawaii probate court on June 26. With this authority, she immediately began contesting De Bode’s leadership and company actions taken during the interim period.
Court filings allege that De Bode leveraged the period before probate approval to execute various business moves, such as engaging consultants, approving employee incentive packages, and proposing the addition of another board member. Kathleen Allman’s legal team asserts that these actions were not properly authorized through board procedures.
In response, De Bode has stated that the allegations are without foundation and said he has the backing of key institutional investors, including Founders Fund, Coinbase Ventures, Tiger Global, and Wintermute.
Mini dictionary: Delaware Court of Chancery, a specialized court in Delaware that handles corporate and trust-related litigation, often influencing major business disputes in the United States.
Board expansion and company direction
After being authorized to act for the estate, Kathleen Allman initially sought to work in cooperation with De Bode. She joined the board, confirmed De Bode’s title as president, and requested access to company documentation including stockholder records. According to Kathleen, these efforts failed when De Bode and external counsel refused to recognize her position or honor information requests.
She then expanded the board to four members, appointing her daughter, Tahnee Towill, among others. On July 24, Kathleen Allman and Towill voted to remove De Bode from all company positions. Kathleen Allman now serves as board chair, chief executive, secretary, and treasurer. She has described her temporary leadership as necessary to ensure company stability until a permanent CEO is named.
In a recent management move, Ondo Finance appointed Adam Schlisman, formerly with Blockchain.com, as its new chief financial officer. Meanwhile, the platform’s governance token continues to trade with a market capitalization near $2 billion.
The Delaware Court of Chancery has yet to issue any rulings regarding the ongoing dispute or the competing corporate claims.
