OpenEden,aplatformfocusedontokenizingreal-worldassets(RWA),recentlyexperiencedasignificantdropinitstotalvaluelocked(TVL)followingallegationsagainstitsco-founder,EugeneNg.
Asagrowingnameintokenization,OpenEdenhasattractedindustryheavyweightslikeRippleandBinance.Theplatformaimstodeliveracost-effectiveandaccessiblewayforinvestorstotapintotokenizedtreasuries,offeringblockchain-basedaccesstotraditionalfinancialassets.
WhyOpenEden’sTVLDeclinedbyAround$30Million
AccordingtoDeFillamadata,OpenEden’sTVLdroppedsharplyfromaround$153millionto$123milliononNovember1.However,themetrichasreboundedslightlyto$134.5millionatthetimeofwriting.
Totalvaluelocked,orTVL,measurestheamountofcryptocurrencyheldinaplatform’ssmartcontracts.WhenTVLdeclines,itsuggeststhatusersmaybewithdrawingfunds,oftenduetoreducedconfidenceintheplatformorasearchforbetterinvestmentoptions.
OpenEden’sTVL.Source:DeFillama
However,marketobservershavelinkedthisdeclineinOpenEden’sTVLtorecentallegationsagainstNg.OnOctober29,awomannamedHanasharedphotosandmessagesonsocialmediaplatformX,allegingthatanexecutivefromDWFLabshaddruggedher.Thoughshedidnotnametheindividual,subsequentreportsidentifiedNg,anotablefigureintheAsiancryptosectorandaformerheadofbusinessdevelopmentatGemini,astheaccused.
“IwentbrieflytothebathroomthatnightduringourmeetingandwhenIcamebackItookafewsipsofthedrinkbeforetheaggressorsteppedoutsidetomakeacall.Thewaitressthenrushedovertoalertmethatmydrinkhasbeenspiked,”Hanaalleged.
Inresponse,bothOpenEdenandDWFLabstookswiftactionagainsttheallegedsuspect.OpenEdeninitiallysuspendedNgandsoonafterconfirmedhistermination,emphasizingitscommitmenttotakingtheallegationsseriouslyandcondemningNg’sallegedactions.
OnNovember1,AndreiGrachev,headofcryptomarketmakerDWFLabs,announcedthatthefirmwouldwithdrawitsfundsfromOpenEdenandpursuelegalactionagainstNg.GrachevexpressedshockatNg’sallegedactionsandcalledforsevereconsequencesagainsthim.
“I’veseentheCCTVvideo,Iwasshockedathowhecoulddosuchshit.It’stheworstthatamancoulddo,anditshouldentailseverepunishment,nomercy.WewithdrawourfundsandconsiderfurtherlegalactionsagainstEugene,”Grachevstated.
Meanwhile,theincidenthassparkedwiderdiscussionswithinthecryptosectoraroundthesafetyandtreatmentofwomen,anissuethatremainspertinentinapredominantlymaleindustry.Followingtheseallegations,Ng’ssocialmediaprofilesonplatformslikeXandLinkedInhavebeendeactivated.
beincrypto.com