OpenEden’s TVL Drops by $30 Million Following Co-Founder’s Alleged Misconduct
The accusations led to swift action from OpenEden, which terminated Ng, and DWF Labs, which withdrew its funds and condemned his alleged behavior.
OpenEden, a platform focused on tokenizing real-world assets (RWA), recently experienced a significant drop in its total value locked (TVL) following allegations against its co-founder, Eugene Ng.
As a growing name in tokenization, OpenEden has attracted industry heavyweights like Ripple and Binance. The platform aims to deliver a cost-effective and accessible way for investors to tap into tokenized treasuries, offering blockchain-based access to traditional financial assets.
Why OpenEden’s TVL Declined by Around $30 Million
According to DeFillama data, OpenEden’s TVL dropped sharply from around $153 million to $123 million on November 1. However, the metric has rebounded slightly to $134.5 million at the time of writing.
Total value locked, or TVL, measures the amount of cryptocurrency held in a platform’s smart contracts. When TVL declines, it suggests that users may be withdrawing funds, often due to reduced confidence in the platform or a search for better investment options.
Read more: What is Tokenization on Blockchain?
OpenEden’s TVL. Source:
DeFillama
However, market observers have linked this decline in OpenEden’s TVL to recent allegations against Ng. On October 29, a woman named Hana shared photos and messages on social media platform X, alleging that an executive from DWF Labs had drugged her. Though she did not name the individual, subsequent reports identified Ng, a notable figure in the Asian crypto sector and a former head of business development at Gemini, as the accused.
“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,” Hana alleged.
In response, both OpenEden and DWF Labs took swift action against the alleged suspect. OpenEden initially suspended Ng and soon after confirmed his termination, emphasizing its commitment to taking the allegations seriously and condemning Ng’s alleged actions.
On November 1, Andrei Grachev, head of crypto market maker DWF Labs, announced that the firm would withdraw its funds from OpenEden and pursue legal action against Ng. Grachev expressed shock at Ng’s alleged actions and called for severe consequences against him.
“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,” Grachev stated.
Read more: What is The Impact of Real World Asset (RWA) Tokenization?
Meanwhile, the incident has sparked wider discussions within the crypto sector around the safety and treatment of women, an issue that remains pertinent in a predominantly male industry. Following these allegations, Ng’s social media profiles on platforms like X and LinkedIn have been deactivated.
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.
You may also like
Basent or reshaping US bond issuance strategy? Wall Street debates cutting long-term US bond issuance, November refinancing meeting becomes key
U.S. Treasury Secretary Janet Yellen's recent, more proactive involvement in the U.S. Treasury market is prompting Wall Street to reassess the government's future debt financing strategies.
"Depreciation trades" make a comeback! Gold and Bitcoin ETF attract about $7 billion in five days as two major scarce assets strengthen together
As concerns over the U.S. fiscal deficit, government debt, and the outlook for the dollar resurface in the market, investors are flocking to both gold and bitcoin simultaneously, instead of choosing between the two assets.
Nvidia's last quarter revenue doubled and exceeded expectations; this quarter is expected to surpass the $100 billion mark for the first time, with next fiscal year's growth guidance crushing estimates | Earnings Watch
In the second fiscal quarter, Nvidia reported its highest year-over-year revenue growth in two years, with data center revenue increasing 117% year-over-year and a gross margin steady at 75% compared to the previous quarter. The company recorded nearly $7.8 billion in net gains from equity securities for the quarter. For the third fiscal quarter, the midpoint of revenue guidance indicates a year-over-year slowdown to nearly 90%. Excluding data center computing revenue from China, this did not surpass the most optimistic institutional expectations. The gross margin guidance midpoint slipped to 74%, slightly below expectations. Nvidia stated that Rubin is accelerating into full-scale production. Jensen Huang said that AI has reached an inflection point, and computing power now translates directly into revenue. After the earnings report, shares initially dropped 4% in after-hours trading. However, as the earnings call revealed a projected 70% increase in next fiscal year revenue and Amazon pledged to substantially increase its adoption of Nvidia products, the stock rebounded to nearly a 5% gain after hours.
$45 Billion Supercomputing Mega Deal! Anthropic Partners with Nscale to Secure 460MW AI Data Center Capacity
AI company Anthropic is further securing computing power resources for the coming years.
Crypto prices
More
