OpenEden’s TVL (Total Value Locked) has experienced a significant decline of $30 million following allegations against its co-founder, Eugene Ng. The platform, which focuses on tokenizing real-world assets, has attracted major industry players like Ripple and Binance. OpenEden aims to provide investors with a cost-effective and accessible way to access tokenized treasuries and traditional financial assets through blockchain technology.
According to DeFillama data, OpenEden’s TVL dropped from approximately $153 million to $123 million on November 1. However, the metric has since recovered slightly to $134.5 million at the time of writing. The decrease in TVL suggests that users may have withdrawn funds due to reduced confidence in the platform or a search for better investment options.
Market observers have linked this decline in TVL to recent allegations against Eugene Ng. A woman named Hana shared photos and messages on social media, accusing an executive from DWF Labs of drugging her during a meeting. Although she did not name Ng directly, subsequent reports identified him as the accused. Ng is a prominent figure in the Asian crypto sector and previously held a position as the head of business development at Gemini.
In response to the allegations, OpenEden swiftly suspended Ng and later confirmed his termination. The platform stated its commitment to taking the allegations seriously and condemned Ng’s alleged actions. DWF Labs, the company associated with Ng, also took action by announcing the withdrawal of its funds from OpenEden and initiating legal proceedings against Ng. Andrei Grachev, the head of crypto market maker DWF Labs, expressed shock at Ng’s alleged behavior and called for severe consequences.
The incident has raised broader discussions within the crypto industry regarding the safety and treatment of women, highlighting ongoing issues in a predominantly male-dominated sector. Following the allegations, Ng’s social media profiles on platforms like X and LinkedIn have been deactivated.