CoinVoice has recently learned that according to CoinDesk, crypto venture capital giant Polychain has accused its former employee Niraj Pant of reaching a behind-the-scenes deal with portfolio company Eclipse Labs that violated the fund's policies.
Former Eclipse Labs CEO Neel Somani quietly allocated 5% of Pant’s upcoming Eclipse crypto tokens in September 2022 — just days after Pant directed Polychain to lead the company’s $6 million pre-seed round, according to three people familiar with the matter and internal Eclipse documents reviewed by CoinDesk.
The final allocation was reduced to 1.33%, which is worth about $13.3 million based on the fully diluted valuation of its most recent private investment round. (The company’s most recent funding round valued its tokens at $1 billion on a fully diluted basis, according to people close to Eclipse Labs.)
“Polychain became aware of the financial relationship between Eclipse and Niraj Pant only after he left the company,” a Polychain spokesperson said in an email to CoinDesk. “Polychain has strict policies and procedures regarding employees serving in advisory roles. After Mr. Pant left Polychain, the company discovered that he had violated its policies and conducted an investigation.” [Original link]
