DWF Labs Removes Partner Following Poisoning Allegations
DWF Labs, a crypto trading company, has removed one of its founding partners, Eugene Ng, following serious allegations of drink poisoning made by a user on the social network X.
An anonymous user named Hana accused Eugene Ng of drugging her drink during a meeting in Hong Kong, providing video evidence and a police report to support her claims.
In response, DWF Labs and OpenEden, another company co-founded by Ng, have suspended him pending the results of the investigation.
Quick Action Following Drug Accusations
Eugene Ng, a co-founder of DWF Labs, was discreetly removed from the company’s team page, although the company did not explicitly mention his name in its statement. These accusations, publicly made by a user known as Hana, describe unacceptable behavior by a member of the DWF Labs team.
The message from DWF Labs is clear:
We are aware of the serious recent allegations concerning one of our partners, accused of inappropriate behavior. While the investigation is ongoing, DWF Labs has decided to remove this person from any management and operational roles with immediate effect.
OpenEden Also Takes Distance
In parallel, OpenEden, a tokenization company co-founded by Eugene Ng, has also reacted. In its own statement, the company mentions an immediate suspension of a member of its team, without providing further details.
As a platform committed to trust and integrity, we are dismayed to learn about these allegations related to the personal actions of this individual.
OpenEden clearly intends to protect its reputation while awaiting the conclusions of the investigation.
A Disturbing Testimony and Troubling Evidence
I never thought I’d personally experience something like this. On the evening of October 24th, I was drugged by a partner at DWF Labs at a bar in HK. I have reported this to the local police and have collected video evidence of him spiking my drink.
pic.twitter.com/mCQpaxB6DH— Hana小屁娜 (@hananotsorry) October 29, 2024
The incident came to light on Tuesday when a user on X, identified as Hana, publicly accused a partner of DWF Labs of drugging her drink in a bar in Hong Kong on October 24. She reported the incident to the local police and collected video evidence of the poisoning.
According to her testimony, a waitress alerted her that the individual in question had introduced an unknown substance into her glass multiple times while she was absent from the table. Hana, a venture capitalist in the web2 field exploring web3, explained that she was meeting with the DWF Labs partner to discuss potential career opportunities. In response to the situation, she shared online images of the incident and official documents from the police report to support her accusations.
Eugene Ng’s Digital Disappearance
Following the allegations, Eugene Ng restricted his X account to private, and eventually deleted it around the time of DWF Labs’ statement release. His LinkedIn page was also deactivated, marking a sort of digital erasure while waiting for the developments in this case. Formerly employed by major financial institutions such as Barclays, Citi, and Deutsche Bank, Ng was a well-known figure in the Asian crypto sphere, having also held the position of Head of Business Development at Gemini in Asia.
The case remains unresolved, with potentially serious consequences for Eugene Ng and the image of DWF Labs, which seeks to preserve its integrity by dissociating itself from any involvement in these alleged acts.
DWF Labs was already facing accusations of market manipulation, particularly wash trading practices. In September 2023, Wintermute, an algorithmic trading company, accused DWF Labs of engaging in fictitious transactions to artificially inflate the volume of certain cryptocurrencies, a practice later confirmed by a report from the Wall Street Journal.
The report alleges that DWF Labs manipulated the prices of tokens like YGG and other digital assets by conducting orchestrated massive trades on platforms such as Binance. Despite these accusations, DWF Labs continues to deny any involvement and dismisses this information as false
