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OpenEden’s TVL declines by $30M amid co-founder scandal

OpenEden’s TVL declines by $30M amid co-founder scandal

GrafaGrafa2024/11/04 17:37
By:Isaac Francis

OpenEden, a platform specialising in tokenizing real-world assets, saw its total value locked (TVL) drop by $30 million following misconduct allegations against co-founder Eugene Ng.

According to DeFillama, OpenEden’s TVL fell from approximately $153 million to $123 million on November 1, later rebounding to $134.5 million.

TVL measures the value of cryptocurrency held in a platform’s smart contracts, with declines often reflecting reduced user confidence.

The recent allegations surfaced on October 29 when a woman named Hana shared on social media platform X that a DWF Labs executive allegedly drugged her.

Although the individual was not initially named, later reports identified Ng, a well-known figure in Asia's crypto sector and former business development head at Gemini, as the accused.

Hana claimed, “I went briefly to the bathroom that night during our meeting and when I came back I took a few sips of the drink before the aggressor stepped outside to make a call. The waitress then rushed over to alert me that my drink has been spiked.”

In response to the incident, OpenEden suspended Ng and later confirmed his termination, stating its commitment to addressing the allegations and condemning Ng’s alleged behavior.

DWF Labs, a significant backer of OpenEden, also responded strongly.

On November 1, Andrei Grachev, head of DWF Labs, announced that the firm would withdraw its funds from OpenEden and pursue legal action against Ng.

Expressing his reaction to the situation, Grachev stated, “I’ve seen the CCTV video, I was shocked at how he could do such shit. It’s the worst that a man could do, and it should entail severe punishment, no mercy. We withdraw our funds and consider further legal actions against Eugene.”

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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