DWF Labs Reveals Leadership Change After Firing Partner Over Alleged Misconduct

A day after DWF Labs founding partner Eugene Ng was terminated over allegations of inappropriate behavior, the crypto venture capital firm announced a leadership change.

In a statement Wednesday, the Web3 firm announced that its business development partner, Lingling Jiang, will now lead its growth initiatives and forge partnerships. Her role will expand to include active participation in corporate decision-making. Additionally, Jiang will develop business strategies and represent DWF Labs at industry events around the world.

DWF Labs said that her “dedication to fostering impactful collaborations will strengthen our support for both new and existing partners, ensuring continuity and reinforcing our commitment to providing exceptional service.”

In light of recent changes, we are pleased to announce that Lingling Jiang (@Lingersj), our esteemed partner for Business Development, will be stepping up to lead the company’s strategic initiatives in this area.

With a proven track record of driving growth and creating…

— DWF Labs (@DWFLabs) October 30, 2024

From Regional Sales Head to DWF Business Partner in Just a Year

Jiang joined DWF as head of regional sales for Asia in Sept. 2022. Within eight months, she moved up to Hong Kong head and, by Sept. 2023, became a business partner. Before DWF, her LinkedIn profile shows she worked in sales trading at Hong Kong crypto exchange OSL.

“We are confident that Lingling’s expertise and leadership will play a crucial role in shaping our strategic direction,” said DWF Labs’ managing partner Andrei Grachev.

Drink Spiking Allegations Prompt Eugene Ng’s Termination from DWF Labs

The leadership transition follows DWF Labs’ decision to terminate Eugene Ng, prompted by a woman’s accusation that Ng spiked her drink during an Oct. 24 business meeting at a bar in Hong Kong. Additionally, she raised concerns that his confidence suggested he may have had previous victims.

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

Further, the firm has eliminated Ng’s presence from its team page, highlighting the gravity with which the company views the situation.

Ng has not yet commented publicly on the allegations against him. Still, he has taken steps to scrub his LinkedIn profile, and has adjusted his X account settings to protect his posts.

Social media users have voiced strong disapproval of Ng’s alleged conduct, advocating for repercussions that extend beyond his firing from DWF Labs. Additionally, a segment of users are pushing for legal consequences, proposing that criminal charges be contemplated should the allegations prove valid.