DWF Labs Terminates Founding Partner Eugene Ng Following Drink Spiking Allegations

DWF Labs Terminates Founding Partner Eugene Ng Following Drink Spiking Allegations

DWF Labs has recently terminated one of its founding partners Eugene Ng amid serious allegations of inappropriate behavior involving an incident of drink spiking. The accusations emerged on social media claiming that Ng attempted to tamper with a woman's drink during a business meeting at a bar in Hong Kong.

The incident has garnered significant attention leading to Ng's immediate removal from his management and operational roles within the company. Although DWF Labs did not explicitly confirm Ng's identity in their official statements they did express their deep concern over the allegations. In a public statement the company remarked "We are aware of the recent and deeply concerning allegations involving one of our partners who has been accused of inappropriate and unacceptable behavior." The swift action taken by DWF Labs was highlighted by the removal of Ng’s profile from the company’s team page reinforcing the seriousness of the situation.

According to reports the alleged events took place on October 24 during a meeting between Ng and a woman identified only as Hana who had connected with him for a professional discussion. Hana recounted that while she was momentarily away from their table in the restroom bar staff witnessed Ng allegedly putting something into her drink. Upon returning Hana attempted to switch her drink but Ng reportedly obstructed her efforts prompting her to leave the venue. Later she experienced dizziness which heightened her suspicion that her drink had been tampered with.

In a troubling revelation Hana alleged that Ng tried to entice her to his accommodation suggesting he would assist her in finding a taxi while subtly implying she could join him at a hotel suite. Hana subsequently shared her experience on X (formerly Twitter) noting that Ng seemed to imply she wouldn’t need a formal role in a cryptocurrency project.

After the incident Hana sought assistance from local authorities who provided her with CCTV footage capturing the alleged drink-spiking incident. She expressed concerns that Ng's behavior reflected a troubling confidence suggesting that this may not have been his first such encounter. Encouraging others to come forward Hana also highlighted similar experiences from another X user named ‘Iris’ who described Ng's tactics as "really aggressive."

The fallout for Ng has escalated as he has removed his social media presence following the allegations. His X account was switched to private and subsequently deleted while his LinkedIn profile also vanished. Ng's background in finance includes significant roles at prominent institutions such as Barclays Citi and Deutsche Bank before he established himself as a crypto industry advisor and co-founded the real-world asset firm OpenEden. He previously served as the head of business development in Asia for Gemini.

As the investigation progresses DWF Labs is distancing itself from Ng amid increasing public scrutiny surrounding the case and its implications for the company and the crypto industry as a whole.