Cryptocurrency venture capital firm Polychain has accused its former partner Niraj Pant of engaging in undisclosed private transactions with the investment firm Eclipse Labs, violating fund policies. Former Eclipse Labs CEO Neel Somani allocated 5% of Eclipse tokens to Pant in September 2022, shortly after Pant instructed Polychain to lead Eclipse's $6 million pre-seed funding round. The allocation was later reduced to 1.33%, valued at $13.30 million. Polychain only became aware of this transaction after Pant's departure. Pant insists that the arrangement was legitimate, but Polychain believes that such actions should have been disclosed under its policies to avoid conflicts of interest.

Cryptocurrency venture capital firm Polychain has accused its former partner Niraj Pant of engaging in undisclosed private transactions with investment firm Eclipse Labs, violating fund policies. Sources and internal documents reveal that former Eclipse Labs CEO Neel Somani allocated 5% of Eclipse's cryptocurrency tokens to Pant in September 2022, shortly after Pant instructed Polychain to lead Eclipse's $6 million pre-seed funding round. The allocation was later reduced to 1.33%, valued at $13.30 million. Polychain stated that they only became aware of this transaction after Pant's departure in 2023. Pant insists that the arrangement was legitimate, but Polychain believes that such actions should have been disclosed under its policies to avoid conflicts of interest.

Polychain accuses former partner of undisclosed deal with Eclipse Labs