Source: Wangarian

Translation: Odaily Planet Daily Golem

Editor’s Note: On January 15, well-known trader Eugene Ng Ah Sio was exposed by user @MiyaHedge on the X platform, revealing his true identity as Darryl Wang (@0xWangarian), co-founder of Tangent Ventures and a seed round investor in the ENA token. Previously, Eugene's account had publicly "called out" ENA and several other tokens multiple times. Given his true identity as a VC, Darryl Wang has been accused of various illegal activities, including fraud and insider trading.

In response to numerous accusations, Darryl Wang released a lengthy statement today, confirming that Eugene Ng Ah Sio (@0xENAS) is indeed his personal account. He also refuted allegations regarding selling undisclosed VC allocations, manipulating prices, charging for promotions, and fabricating trading records.

Odaily Planet Daily summarizes the key points of his response below for readers to quickly understand.

The Creation of an Anonymous Account Was for Security Reasons

Darryl Wang stated that the original intention behind creating the Eugene Ng Ah Sio (@0xENAS) account was to achieve personal challenges and make his trading profits and losses transparent, allowing him to avoid being influenced by preconceived notions and elitist judgments.

However, like many others, Darryl Wang decided not to disclose his identity for personal safety reasons, as he is well aware of the risks of publicly exposing himself to large transactions, especially concerning safety. Therefore, as his follower count grew, he set the initially public API to private and shifted to sharing trading strategies and monthly summaries.

Now, due to being "doxxed" and facing some false but provocative accusations, which have threatened his personal privacy and the safety of those around him, Darryl Wang stated that he can no longer operate the account anonymously and decided to directly address the community's accusations, namely:

• Selling undisclosed VC allocations and using the influence of the Eugene account to promote to fans;
• Using the Eugene account to manipulate prices through fan engagement;
• Charging for the promotion of certain tokens through the Eugene account;
• Fabricating Eugene's trading records, including the sources of trading funds and connections to VCs and family.

Clarification on Secretly Selling VC Token Allocations

Only 2 Tokens from Personal Trades Overlap with Tangent

Darryl Wang stated that the Eugene account is managed solely by him and is unrelated to Tangent's angel investments. The partner responsible for angel investments, Jason, cannot control his trades or the tweets he posts.

Since the account's establishment, among the more than 100 tokens traded by Eugene, only 2 happen to overlap with Tangent's angel investments. He remains particularly cautious to ensure that any information regarding token market conditions published on the Eugene account does not influence any angel investments.

The Ethena Team Is Also Unaware of Eugene's True Identity

Regarding recent accusations that he exited an undisclosed VC angel investment and disguised it as a liquidity position that Eugene did not actually establish, Darryl Wang stated that neither he nor Tangent has exited any part of these investments. Tangent's partner Jason met with the founders of Ethena in mid-2023, and Tangent's angel investment department invested in Ethena in July 2023, followed by another investment in February 2024. These investments come with multi-year lock-up periods and are publicly verifiable. Given that all private equity investments are locked, Tangent cannot sell any angel round allocations. Therefore, Darryl Wang stated that any accusations of token dumping are not only fabricated but also functionally impossible.

In the third quarter of 2024, the Eugene account published an article about the liquidity advantages of ENA. Darryl Wang stated that the article clearly indicated he had taken a long position in ENA, but to avoid exposing his identity, he did not express any opinions or statements regarding Tangent's angel investments in the article.

Excerpt from Ethena article, Darryl Wang disclosing his finances

The Ethena team is also unaware of Eugene's true identity and did not participate in the article's creation. All information provided in the article is publicly verifiable, and anyone can confirm it. Darryl Wang stated that the article clearly outlines how he thinks about issues from a liquidity perspective and even summarizes the main risks Ethena faces regarding VC unlocks starting in April 2025.

Excerpt from Ethena article, emphasizing the risks of VC unlocks to ENA

Tangent Has Not Exited Any Angel Investments in Ethena

Darryl Wang stated that he established a position approximately 100 times the amount Tangent invested during the angel investment phase. At the time of the article's publication, the price of ENA was $0.28, and today it has risen to $0.90, about three times the price at the time of publication.

Additionally, Darryl Wang stated that the entire article discussed his independently established liquidity position. From the article's publication to today, Tangent has not exited any angel investments in Ethena.

When Jason referenced Eugene's tweets, he fully disclosed Tangent's position in Ethena, but for privacy protection, Darryl Wang requested that his true identity not be revealed. At the same time, Darryl Wang expressed that, in hindsight, this was a poor judgment and he sincerely apologizes for any views that intentionally distort the facts.

In Eugene's tweet about the SEI token, Darryl Wang stated that the last mention was in December 2023's LTF trading setup, while the earliest VC unlock occurred nine months later in August 2024.

Only Posting Token Tweets That Follow His Own Principles

As the Eugene account gained more followers, Darryl Wang stated that he adhered to two principles when posting tweets about tokens through the account:

• They must be listed on Binance perpetual contracts to ensure sufficient liquidity;
• Never use immediate bot-related price pressure as liquidity for sales.

Darryl Wang admitted to having violated the first rule by attempting to share investment ideas about a certain on-chain token, but the outcome was not ideal. Since then, he has avoided sharing views on on-chain tokens.

At the same time, Darryl Wang candidly stated that due to his high trading frequency and short trading duration, if someone follows his trades, they may find that he has already closed his position before they can exit. Therefore, he often reminds people of the risks involved in following his trades and has always maintained transparency regarding the scale of his losses.

Never Participated in "KOL Trading"

Darryl Wang stated that he has never used the Eugene account to accept any funds or tokens to promote cryptocurrency trades or structures. During this period, many so-called "KOL trades" emerged, offering very short and predatory unlock periods, which are clearly different from the risk investment trades Tangent participates in, which typically require tokens to have at least a 3 to 4-year lock-up period, with equity requiring even longer.

To clarify, Darryl Wang stated that since the establishment of the Eugene account, neither Tangent, Jason, nor he has participated in any "KOL trades." Tangent's angel investment department has supported multiple startups, all of which have been publicly announced. When Eugene mentions certain tokens on Twitter, it is entirely due to the attractiveness of the trade itself, not to generate interest in angel investments, especially since over 80% of Tangent's risk investments do not involve tokens.

At the same time, Darryl Wang clarified that he has never personally or instructed Jason to exit any of Tangent's angel investments after sharing any related content; such implications are entirely fabricated for the purpose of defamation.

Personal Journey to Success

The Whistleblower May Have Other Motives

Darryl Wang disclosed that in the past 12 hours, photos of his family have been circulated to support threats based on false accusations, causing significant distress to his family. He emphasized that exposing his personal information is one thing, but publicly endangering his family and using deliberately inaccurate and provocative language is another.

Thus, during the preparation of this response, he also obtained information about the original poster and another related party, suspecting they have ulterior motives, but he does not wish to share this information for ethical reasons.

Made His Fortune Through DeFi

In response to accusations that the trading funds behind the Eugene account are financed by his family, Darryl Wang shared his success story:

Darryl Wang was introduced to cryptocurrency during the summer of DeFi in 2020. In October 2020, he quit his investment banking job and invested $100,000 of his savings into cryptocurrency, joining DeFiance Capital as a junior analyst.

During the bull market of 2020-2021, Darryl Wang accumulated capital through trading and "shitcoining" (high-risk token trading) alongside other degens, and he ended this cycle profitably during the FTX collapse, having enough funds to provide initial capital for Tangent without needing external investors.

It was also at that time that Darryl Wang created the Eugene account as a personal account, initially without the involvement or assistance of the Tangent team, and the subsequent events are now well-known.

Darryl Wang stated that whether the public believes it or not, the fact is that Eugene manages a fund pool financed by him personally (not external funds) and has not received any external services or solicited any capital.

Eugene's historical trading performance from January 2023 to January 2025 (Source: https://app.coinmarketman.com/dashboard/leaderboard)

Conclusion: Once Wanted to Be an Anonymous Legend

Darryl Wang co-founded Tangent with Jason, believing in leveraging his trading talents and Jason's skills in angel investing to become long-term supporters of the industry. Eugene is his personal creation, intended for trading with personal capital and independent decision-making, free from any constraints.

Darryl Wang expressed that he once hoped to give back to others like many anonymous legends, sharing his thoughts and processes.

Although he has always maintained transparency regarding his profits and losses, some people still choose to target and tarnish his reputation. Ironically, Darryl Wang stated that part of the reason he created the Eugene account was to prove that a person's background does not matter; what matters is your process and trading discipline. However, now his background has become the main attack point for those attempting to defame him.

At the same time, Darryl Wang stated that this will be his first and last response to these accusations. If the other party believes they have legal grounds, he is fully prepared to respond accordingly.

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