OpenEden terminates employee amid drugging allegations in Hong Kong

OpenEden, a real-world asset investment firm co-founded by Eugene Ng, has terminated Ng’s employment following accusations of drugging a woman in Hong Kong.

The company confirmed the termination on 30 October following an initial suspension announced a day earlier.

OpenEden’s statement reiterated that “the individual in question no longer represents us,” although it did not specify the accused by name.

Following our statement yesterday, we have formally terminated the employment of the individual involved with OpenEden. We reiterate that the individual in question no longer represents us. OpenEden takes these allegations seriously, and does not condone the personal actions of…

— OpenEden (@OpenEden_Labs) October 30, 2024

The allegations were first publicised on the social media platform X (formerly Twitter) by a user named Hana, who claimed that the accused attempted to drug her during a meeting at a Hong Kong bar.

Hana shared images and messages on 29 October, stating that she met with the individual, whom she described as an executive affiliated with DWF Labs, an investment firm where Ng was a founding partner.

I never thought I’d personally experience something like this. On the evening of October 24th, I was drugged by a partner at @DWFLabs 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

Her post quickly gained traction, sparking broader concerns and discussions within the cryptocurrency community regarding the safety of women in the male-dominated industry.

Following the accusations, OpenEden acted swiftly by suspending the employee involved and issuing a statement.

By 30 October, the company announced that it had formally ended the individual’s employment, affirming that OpenEden “does not condone the personal actions of this individual.”

Co-founder Eugene Ng, while not directly named in the company’s statement, appears to be linked to the accusations given his history as a founding partner at both OpenEden and DWF Labs.

In a similar response, DWF Labs took action by suspending an executive following the news, according to a report by The Block.

Although DWF Labs has not released a detailed statement, sources close to the firm indicate that an internal review is underway to determine any further action.

Ng, whose social media accounts, including X and LinkedIn, were deactivated shortly after Hana’s post went viral, has been a prominent figure in the cryptocurrency industry.

An SMU alumnus with a Bachelor of Business Management, Ng previously served as head of business development in Asia for Gemini, a leading cryptocurrency exchange.

Known for his investments across the industry, Ng’s recent association with OpenEden had added to his influence in the digital asset space.

Hana’s post and the subsequent actions taken by both OpenEden and DWF Labs have brought increased attention to the need for improved safety measures and accountability within the sector.

This incident has also sparked discussions among industry participants about the treatment and safety of women in cryptocurrency.

Concerns about harassment, discrimination, and safety in social and professional settings have been raised periodically in the sector, where male representation heavily outweighs female representation.

Both OpenEden and DWF Labs declined to respond to further inquiries from The Block regarding additional measures being taken in light of the incident.