Leadership Transition at DWF Labs
In a significant development following the termination of Eugene Ng, a founding partner at DWF Labs, the crypto venture capital firm announced a change in leadership. The decision comes amid allegations of inappropriate behavior against Ng, prompting the firm to reassess its executive structure.
On Wednesday, DWF Labs revealed that Lingling Jiang, previously the business development partner, will now take the lead on the company’s growth initiatives. Her expanded responsibilities will include participation in corporate decision-making and the creation of strategic business partnerships. Jiang will also represent DWF Labs at various industry events around the globe, emphasizing her role in fostering collaboration and support for both new and existing partners.
Lingling Jiang: A Rising Star
Lingling Jiang joined DWF Labs in September 2022 as the head of regional sales for Asia. In just eight months, she was promoted to head of the Hong Kong operations, and by September 2023, she had earned a position as a business partner. Prior to her tenure at DWF Labs, Jiang gained experience in sales trading at the renowned Hong Kong-based crypto exchange OSL.
Andrei Grachev, the managing partner at DWF Labs, expressed confidence in Jiang’s capabilities, stating, “We are confident that Lingling’s expertise and leadership will play a crucial role in shaping our strategic direction.” Her track record suggests a clear path for continued growth at DWF Labs.
Allegations Against Eugene Ng
The leadership shake-up follows serious allegations against Eugene Ng, who was terminated after a woman accused him of drugging her during a business meeting at a bar in Hong Kong on October 24. The accuser reported the incident to local authorities and claims to have video evidence of the act, which has heightened concerns about Ng’s behavior and potential previous incidents.
A social media post from the accuser, Hana, highlighted the emotional impact of the event, saying, “I never thought I’d personally experience something like this. I have reported this to the local police and have collected video evidence of him spiking my drink.”
DWF Labs’ Response and Public Reaction
In light of these serious allegations, DWF Labs has removed Ng from its team page, demonstrating the firm’s commitment to addressing the situation with urgency and seriousness. While Ng has not publicly responded to the accusations, he has taken steps to alter his online presence, including modifying his LinkedIn profile and adjusting privacy settings on social media to protect his posts.
Public reaction on social media has been overwhelmingly negative towards Ng’s alleged actions, with many users calling for measures that go beyond his termination at DWF Labs. There are growing calls for legal repercussions, with some advocating for possible criminal charges if the allegations are substantiated. The situation has sparked intense discussions about accountability and safety within the industry.