OpenEden, an emerging name in the field of tokenizing real-world assets (RWA), has attracted the attention of industry giants like Ripple and Binance. This platform aims to provide a cost-effective and convenient solution for investors looking to access the tokenized treasury market while opening up access to traditional financial assets through blockchain technology.
TVL of OpenEden decreases: Causes and impacts
According to data from DeFillama, the total value locked (TVL) of OpenEden has plummeted from around $153 million to $123 million as of November 1. However, this figure has slightly recovered to $134.5 million at the time of writing.
TVL, a metric measuring the amount of cryptocurrency locked in the platform's smart contracts, often decreases when users withdraw capital, which may reflect a decline in confidence in the platform or a search for more attractive investment opportunities.
TVL of OpenEden | Source: DeFillama
This decline may be related to the recent allegations targeting Eugene Ng. On October 29, a woman named Hana shared images and messages on social media X, accusing a DWF Labs partner of drugging her. Although she did not name names, subsequent reports identified the accused as Eugene Ng, a prominent figure in the Asian cryptocurrency industry and former business development director at Gemini.
In response to this situation, both OpenEden and DWF Labs swiftly implemented necessary measures against Eugene Ng. OpenEden suspended his work and later confirmed the termination of his contract, affirming their commitment to taking the allegations seriously and condemning Eugene Ng's behavior.
On November 1, Andrei Grachev, director of DWF Labs, announced that the company would withdraw its capital from OpenEden and consider suing Eugene Ng. Grachev expressed surprise at Ng's behavior and called for strict punishment.
"I watched the CCTV footage and was shocked to witness his actions. This is the worst thing a man can do, and it deserves harsh, unforgiving punishment. We will withdraw our capital and consider legal action against Eugene Ng."
The incident has sparked much discussion within the cryptocurrency community regarding safety and the treatment of women, a pressing issue in an industry predominantly dominated by men. Following these allegations, Eugene Ng's social media accounts on platforms like X and LinkedIn were deactivated.
Source: https://tapchibitcoin.io/tvl-cua-openeden-giam-30-trieu-do-la.html