Crypto venture capital firm DWF Labs has appointed Lingling Jiang as a new partner amid the ongoing drink spiking scandal. The change in the management comes after DWF partner Eugene Ng faced allegations of spiking drinks and was eventually fired by the firm.
Eugene Ng is not only a DWF partner but also a co-founder of OpenEden, a RWA project in which Binance has invested. As of right now, OpenEden has announced that Eugene Ng has been suspended from the company and removed from running the business and its affiliates.
DWF Fires Eugene Ng Over Drink Spiking Allegations
Today’s change in the partner list comes amid DWF partner Eugene Ng was seen spiking a woman’s drink. Eventually, hours after the woman accused the partner of drugging her during a recent business meeting in Hong Kong on social media, DWF Labs fired the partner.
In a statement released on Tuesday, the cryptocurrency trading company said , “DWF Labs is aware of the recent and extremely concerning allegations involving one of our partners, who has been accused of inappropriate and unacceptable behavior.”
What Was The Drink Spiking Controversy?
According to Hana, a USD fund employee in Tokyo, a DWF partner put unidentified items in her drink at a Hong Kong bar on the evening of October 24.
Allegedly, when Hana used the bathroom, the man removed an unknown item from his pocket and inserted it three times into the woman’s drink. The woman took several sips and then went outside to answer a phone call.
Eventually, a waiter then reminded her of what the man had done. According to the video, the man was identified to be Eugene Ng, a DWF partner. Additionally, Eugene Ng’s Twitter account has been shut down.
Drink Spiking Scandal Not DWF Labs Only Worry
The ongoing scandal is not the only worry that DWF labs is facing Previously, the WSJ report claimed that in 2023, DWF Labs had manipulated the price of at least six other cryptocurrencies in addition to the Yield Guild Game (YGG) token. But Binance had later claimed that this would be impossible due to its surveillance program.
Despite this, the issue grappled a lot of market attention, given that The WSJ later revealed that a staff member who discovered proof of market manipulation at DWF Labs was fired by Binance.
With these ongoing turmoil, it is likely that participants are going to watch DWF’s later moves and announcements closely to predict if the firm can maintain investor confidence or not.