Polychain accuses former partner of undisclosed deal with Eclipse Labs

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Odaily2024/07/09 23:51

By:Odaily

Odaily News Crypto venture capital firm Polychain has accused its former partner Niraj Pant of violating fund policy by entering into an undisclosed side deal with portfolio company Eclipse Labs. Sources and internal documents show that former Eclipse Labs CEO Neel Somani allocated 5% of Eclipse crypto tokens to Pant in September 2022, just days after Pant instructed Polychain to lead Eclipses $6 million pre-seed financing round. The allocation was later reduced to 1.33%, worth $13.3 million. Polychain said it did not learn of the deal until after Pant left in 2023. Pant insists that the arrangement was legal, but Polychain believes the move should be disclosed under its policies to avoid conflicts of interest.

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