Crypto-focused venture capital firm DWF Labs has severed ties with a partner accused of inappropriate behavior during a company event in Hong Kong.

The company took action after a woman identified as Hana reported that a partner in the firm allegedly attempted to spike her drink on October 24.

The Incident

In an official October 29 post on X, DWF Labs addressed the allegations, saying, “We are aware of the recent and deeply concerning allegations involving one of our partners, who has been accused of inappropriate and unacceptable behavior.”

The company added that although the matter remains under investigation, “DWF Labs has decided to dismiss the said partner from management and operational roles effective immediately.”

Hana, a venture capitalist, described the alleged incident in a thread on X. She explained that the accused partner initially approached her under the pretext of discussing a job opportunity, describing her as a perfect fit for a project.

She explained that during the encounter, she left her drink unattended while she went to the restroom. When she returned, she took only a few sips of the beverage before the alleged aggressor stepped out to make a call. A waitress then came to warn her that someone had tampered with her drink in her absence.

The victim recounted feeling “extremely dizzy” when she went outside, where she claims the partner attempted to lure her back to his hotel, allegedly promising “inside information” in exchange. Hana has since reported obtaining CCTV footage from the bar and filed a report with Hong Kong police.

DWF Labs’ Statement

In a formal statement, DWF Labs emphasized its commitment to a safe, respectful workplace:

“At DWF Labs, we hold the utmost respect for all individuals and are unwavering in our commitment to creating a safe, respectful, and inclusive environment for everyone.”

The company also noted that over half its workforce comprises women, reflecting its commitment to gender diversity.

Further, it stressed that it does not condone any actions that go against its core values of integrity, respect, and accountability, reiterating that it remains steadfast in upholding these values within itself and in its partnerships and interactions across the industry.

The release concluded with the firm expressing solidarity with individuals affected by similar incidents and saying that it is still monitoring the situation. Meanwhile, Neither DWF Labs nor the victim has publicly confirmed the partners identity.

According to CoinGecko, the VC firm boasts a crypto portfolio worth an estimated $48.7 billion at current rates, with investments in Tron (TRX), Toncoin (TON), and Artificial Superintelligence Alliance (FET), among others.

Its not the first time the company has been on the wrong end of a scandal. In September 2023, there were allegations that DWF was involved in market manipulation. However, the investment firm emphatically dismissed the charges, with managing partner Andrei Grachev pointing out that any reported anomalies were the result of market dynamics rather than manipulation.