DWF Labs Partner Dismissed Following Drink-Spiking Allegations

According to reports, a partner at DWF Labs has been accused of drugging a woman at a Hong Kong bar on October 24. The entire incident was caught on CCTV and reported to the Hong Kong police. 

The victim’s name is Hana, a Tokyo-based USD fund employee. Hana revealed the entire incident today in a lengthy X (formerly Twitter) thread. 

DWF Labs released an official press statement today explaining that the firm has immediately dismissed the partner from all management and operational roles. 

“We are aware of the recent and deeply concerning allegations involving one of our partners, who has been accused of inappropriate and unacceptable behaviour. While the matter is under investigation, DWF Labs has decided to dismiss the said partner from management and operational roles effective immediately,” DWF Labs wrote in an X (formerly Twitter) post. 

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According to Hana’s post, the man spiked her drink multiple times with an unidentified object when she went to the restroom. However, before any further malicious actions could take place, a waiter from the bar told her about the man’s actions.

Asian journalist Colin Wu identified the suspected DWF Labs partner to be Eugene Ng. He’s also the co-founder of the Binance-backed RWA project OpenEden. Ng’s social media account has been disabled since the incident.

Hana mentioned that Eugene Ng had previously approached her for a job opportunity in crypto. She reportedly accepted his invitation to learn more about the opportunity. 

“I could see from his confident behavior that this wasn’t his first attempt, it was a well-executed setup – there must have been other victims. So I went to the local police station, lodged a report, and gathered the CCTV recording from the venue,” the victim Hana wrote in her X post. 

As of now, there haven’t been any concrete reports of an arrest by the Hong Kong police. However, DWF Labs stated that the investigation is still ongoing and they are cooperating with law enforcement. 

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This scandal can potentially shadow a successful financial year for the Web3 firm. DWF Labs recently announced plans to launch its own synthetic collateralized stablecoin amid growing market demand. As a VC, the firm has also invested in over 700 companies to date.

It remains to be seen whether this case will affect the firm’s reputation in the industry and its market credibility.