DWF Labs and OpenEden have acted quickly to dismiss Eugene Ng, one of its co-founders after serious allegations of drink spiking surfaced in Hong Kong. Ng is accused of drugging a female venture capitalist, Hana, during what was supposed to be a professional meeting.
This incident came to light after she posted her encounter with Ng on her social media platform, X.
DWF Labs and OpenEden
DWF Labs, co-founded by Ng, is a trading firm specializing in cryptocurrency. Since 2018, it has supported over 700 blockchain projects by offering liquidity and investing in new ventures.
DWF Labs values transparency and integrity, principles that Managing Partner Andrei Grachev emphasized when announcing Ng’s termination.
Singapore-based OpenEden, co-founded by Eugene Ng, connects traditional assets with decentralized finance (DeFi), a system that lets people trade and invest directly with each other using blockchain, without banks.
Led by CEO Jeremy Ng (no relation to Eugene Ng), OpenEden offers a TBILL fund that turns U.S. Treasury Bills into tokens for DeFi investors.
Victim’s Account: A Disturbing Business Meeting
According to an interview with Wu Blockchain, Hana recounted an unsettling experience from October 24, 2024. Hana met Eugene Ng at a bar in Hong Kong to discuss a potential job opportunity in the crypto industry. Ng had previously approached her with this opportunity, presenting it as an ideal fit for her background. Hana, new to the crypto world and eager to learn, accepted his invitation to meet.
On social media, she mentions her interest in breaking into Web3 (a decentralized internet using blockchain and cryptocurrency to give users more control over their data), which further aligns with the discussion she had with Ng about potential opportunities.
During their conversation, Hana briefly stepped away to use the restroom, leaving her drink unattended. This was when Ng did the unthinkable, spiking her drink.
Upon her return, she continued chatting with Ng, unaware of any issues. A short while later when Ng stepped out to answer a call, she was then approached by a waitress who warned her that Ng had allegedly spiked her drink while she was away.
Initially shocked and unsure, Hana soon began feeling unusually dizzy. Sensing that something was wrong, she tried to leave, but Ng discouraged her, urging her to stay, finish her drink, and even suggesting they head to his hotel suite.
He reportedly assured her he could help her “get to places.” Fortunately, with the waitress’s intervention, Hana managed to escape the situation.
Five days later, on October 29, she formally filed a police report of the incident.
Reviewing the CCTV footage at the bar confirmed her suspicions—Ng was seen adding a substance to her drink multiple times while she was away.
Disturbed by the footage, Hana felt a strong need to warn others. She shared her experience on social media, where her story quickly garnered millions of views.
Response from DWF Labs and OpenEden
In light of these allegations, both DWF Labs and OpenEden moved swiftly to end Ng’s association with their companies. Crypto trading firm DWF Labs and tokenization firm OpenEden have dismissed Eugene Ng, a founding partner, following the allegations that surfaced on social media.
Initially, DWF did not identify the individual but has removed Ng from its team page.
DWF Labs Managing Partner Andrei Grachev expressed disappointment over Ng’s actions, which he described as a serious breach of trust. He also noted that DWF Labs has withdrawn $10 million from OpenEden while reevaluating their business relationship.
Following these developments, Ng’s X account was set to private, and shortly thereafter, it appeared that Ng deleted his account. His LinkedIn profile has also been taken offline.
The Block also noted that Ng, a former employee at Barclays, Citi, and Deutsche Bank, has been a prominent figure in the crypto industry, with a history of high-level positions, including as a former head of business development at Gemini in Asia.
New Partner Appointed
In a further development, DWF Labs appointed Lingling Jiang as its new Head of Business Development Strategy, taking over from Ng. Grachev is confident that Jiang’s skills will help the firm grow in this challenging time. He stated,
“We are confident that Lingling’s expertise and leadership will play a crucial role in shaping our strategic direction.”
OpenEden’s CEO Jeremy Ng reassured stakeholders that the situation does not reflect the company’s values and that Ng’s dismissal would not disrupt its operations.
He confirmed that the company is updating its regulatory records to reflect this change and emphasized the strength of its safety protocols, including recent independent audits of OpenEden’s TBILL fund.
Watch the video here: X
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