Polychain says Niraj Pant, its former general partner, made a secret deal with portfolio company Eclipse Labs that broke the fund's policies.

A CoinDesk investigation reveals former Eclipse Labs CEO Neel Somani pledged Pant a stake in Eclipse tokens worth $13.3 million.

Somani pledged the tokens as an incentive for Pant to secure Polychain's funding, according to sources close to Eclipse.