Tangent Lianchuang confesses: Becoming Eugene is to prove...

Source: Wangarian

Compiled by: Odaily Planet Daily Golem

Editor’s note: On January 15, well-known trader Eugene Ng Ah Sio’s true identity was revealed by user @MiyaHedge on the who. Eugene's account has previously publicly "ordered" ENA and multiple tokens many times. In view of his true identity as a VC, Darryl Wang has been accused of various illegal activities such as fraud or insider trading.

Faced with many accusations, Darryl Wang published a long article today to respond. Eugene Ng Ah Sio (@0xENAS) is indeed his personal account. He also refuted the allegations one by one about his peddling of undisclosed VC quotas, pump-and-dump, and paid announcements. , falsifying transaction records and other charges.

Odaily Planet Daily now summarizes the key points of its response as follows for readers to quickly understand.

Opening an anonymous account is for security reasons

Darryl Wang said that the original intention of creating the Eugene Ng Ah Sio (@0xENAS) account was to achieve a personal challenge and make his trading profits and losses transparent, so that he would not be affected by preconceived ideas and be judged by elitism.

But like many people, Darryl Wang decided not to disclose his identity due to personal safety reasons, because he is well aware of the risks of disclosing large transactions and exposing himself to the public eye, especially the security risks. So, as his following grew, he made the initially public API private and shifted the content to sharing trading strategies and monthly summaries.

Now, because of being "human-fleshed" and some false but provocative accusations, his personal privacy and the safety of people around him have been threatened. Darryl Wang said that he can no longer operate his account anonymously, so he decided to respond head-on to the community's accusations. ,Right now:

• Touting undisclosed VC allocations and using the influence of Eugene’s account to promote to fans;
• Using the Eugene account to use fans to boost sales;
• Promote certain tokens through Eugene account for a fee;
• Forged Eugene’s transaction records, the source of transaction funds and the VC and family behind them.

Clarification on Secret Touting of VC Token Distribution

Only 2 of the tokens traded by individuals overlap with Tangent

Darryl Wang said that Eugene's account is managed by him alone and has nothing to do with Tangent's angel investment. Jason, the partner in charge of angel investing, has no control over his deals or the tweets he posts.

Since the establishment of the account, among the more than 100 tokens that Eugene has announced for trading, only 2 happen to overlap with Tangent's angel investment, but he still remains extra careful to ensure that whenever information about token prices is posted on Eugene's account, No influence will be taken on any angel investment.

Team Ethena also doesn’t know Eugene’s true identity

Regarding recent allegations that it exited an undisclosed VC angel investment and disguised it as a liquid position that Eugene did not actually establish. Darryl Wang said that neither he nor Tangent has withdrawn from any part of these investments. Tangent partner Jason met Ethena’s founders in mid-2023, and Tangent’s angel investment arm invested in Ethena in July 2023, and then invested again in February 2024. These investments come with a multi-year lock-in period and are publicly traceable. Given that all private placement investments are locked and Tangent is unlikely to sell any angel round allocations, Darryl Wang said 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 he clearly stated in the article that he had been long in ENA, but in order not to expose his identity, he did not mention Tangent in the article. angel investment to express any views and statements.

 Excerpted from Ethena article, Darryl Wang makes financial disclosures for himself

The Ethena team also does not know the true identity behind Eugene and did not participate in the creation of the article. All the information provided in the article is publicly available and can be verified by anyone. Darryl Wang said that the article clearly illustrates how it thinks about the problem from a liquidity perspective, and even outlines Ethena starting in April 2025. Facing the main risk of VC unlocking.

 Excerpted from Ethena’s article, emphasizing that VC unlocking poses risks to ENA

Tangent has not exited any angel investment in Ethena

Darryl Wang said he established a position that was approximately 100 times the amount Tangent invested at the angel investment stage. At the time of publication, the ENA price was $0.28. Today, its price has risen to $0.90, approximately three times the price at the time of publication.

At the same time, Darryl Wang said that the entire article discussed was related to the liquidity position he established independently. From the time the article was published to today, Tangent has not withdrawn from any angel investment in Ethena.

When Jason quoted Eugene's tweet, he fully disclosed Tangent's position on Ethena, but Darryl Wang asked that his true identity not be released due to privacy concerns. At the same time, Darryl Wang said that in hindsight, this was a wrong judgment and deeply apologized for any deliberate distortion of facts.

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

Only tweet about tokens that follow their own principles

As the Eugene account has more and more fans, Darryl Wang said that he follows two guidelines when tweeting about tokens through the account:

• They must be listed on Binance Perpetual Contracts to ensure sufficient liquidity;
• Never treat immediate bot-related price pressure as liquidity for selling.

Darryl Wang said that he had violated the first rule and tried to share investment ideas about a certain on-chain token, but the results were not ideal. It has since refrained from sharing its views on on-chain tokens.

At the same time, Darryl Wang bluntly said that because his trading frequency is very high and the trading duration is very short, this means that if you follow his trading, he will probably have closed his position before you exit, so he often reminds people, If you choose to follow orders, how much risk will you take, and you will always be transparent about the scale of your losses.

Never participated in "KOL trading"

Darryl Wang stated that he had never used his Eugene account to accept any transactions or structures that collected funds or tokens to promote cryptocurrency. This cycle saw a number of so-called “KOL deals” that offered extremely short and predatory unlocking periods, clearly different from the venture capital deals Tangent was involved in, which typically required tokens to be at least 3 to 4 years old The lock-up period for equity is longer.

To clarify, Darryl Wang said that since the establishment of Eugene's account, Tangent, Jason, and himself have not participated in any "KOL transactions." The angel investment arm at Tangent has backed multiple startups, all of which have been publicly announced. When Eugene mentions certain tokens on Twitter, it is entirely because of the attractiveness of the deal itself, not to arouse interest in angel investment, not to mention that more than 80% of Tangent’s venture capital investments do not have tokens.

At the same time, Darryl Wang also clarified that he never personally or instructed Jason to withdraw from any angel investment in Tangent after he shared any relevant content. These hints were completely fabricated for defamation.

Self-reported family history

The whistleblower may have ulterior motives

Darryl Wang revealed that his family has been distressed over the past 12 hours after photos of them were circulated to support threats based on false accusations. At the same time, he emphasized that it is one thing to expose his personal information, but it is another thing to publicly endanger his family and use deliberately inaccurate and provocative language.

So in the process of preparing this response, he also obtained information about the identity of the original poster and another involved party, suspected they had other motives, but did not ethically want to share the information.

“Make fortune” through DeFi

In response to the accusation that the transaction funds for Eugene’s account were funded by the family behind it, Darryl Wang shared the history of his fortune:

Darryl Wang came into contact with cryptocurrencies during the DeFi Summer of 2020. In October 2020, he quit his job in investment banking and invested $100,000 of his savings in cryptocurrency, joining DeFiance Capital as a junior analyst.

During the 2020-2021 bull market, Darryl Wang accumulated capital through trading and “shitcoining” (high-risk token trading) along with other degens and ended the cycle with a profit when FTX crashed, with enough capital to provide Tangent with Initial capital, no outside investors required.

It was also at that time that Darryl Wang created Eugene's account. As a personal account, it did not initially receive the participation or help of the Tangent team. What happened after that is now known to everyone.

Darryl Wang said that whether the public believes it or not, the fact is that Eugene manages a fund pool funded by himself (not external funds) and does not receive any external services or solicit any capital.

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

Conclusion: I once wanted to be an anonymous legend

Darryl Wang founded Tangent with Jason with the belief that he would use his talent in trading and Jason's skills in angel investing to become a long-term supporter of the industry. Eugene is his personal creation, hoping to be used for trading with personal capital and independent decision-making, without any restrictions.

Darryl Wang expressed that he had hoped to give back to others and share his thoughts and processes like many anonymous legends.

Although he himself has always been transparent about his profits and losses, some people have chosen to target and smear his reputation. But the irony is that Darryl Wang said that part of the reason he created the Eugene account was to prove that a person's background is not important, but your process and trading discipline are important. However, now his background has become the target of those who try to slander him. Main attack point.

At the same time, Darryl Wang said that this will be his first and last time to respond to these accusations. If the other party believes that it has a legal basis, he is fully prepared to respond accordingly.