Polychain accuses former employee Niraj Pant of secretly accepting 5% "advisor" tokens from Eclipse
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Polychain accuses former employee Niraj Pant of secretly accepting 5% "advisor" tokens from Eclipse
Polychain has accused former employee Niraj Pant of engaging in a private arrangement with portfolio company Eclipse Labs, violating fund policies. In September 2022, Neel Somani, then CEO of Eclipse Labs, allocated 5% of tokens to Pant. Days later, Pant directed Polychain to lead Eclipse's $6 million seed round. The final allocation was reduced to 1.33%, worth approximately $13.3 million based on the latest valuation. Polychain stated it only learned of the deal after Pant’s departure and emphasized that he should have disclosed the transaction to prevent conflicts of interest. Pant maintains the deal was legitimate but has not disclosed the initial stake size or the reason for its reduction.
Navigating Web3 tides with focused insightsTechFlow news: Polychain has accused former employee Niraj Pant of engaging in a private deal with portfolio company Eclipse Labs, violating fund policies.
Neel Somani, former CEO of Eclipse Labs, allocated 5% of tokens to Pant in September 2022. A few days later, Pant directed Polychain to lead Eclipse's $6 million seed round.
The final allocation was reduced to 1.33%, worth approximately $13.3 million based on the latest valuation. Polychain stated it only learned of the arrangement after Pant's departure and said he should have disclosed the deal to prevent conflicts of interest. Pant maintains the transaction was legitimate but has not disclosed the initial stake size or why it changed.
