Polychain accuses former employee of private trading with Eclipse Labs in violation of policies

Polychain accuses former employee Niraj Pant of privately trading with Eclipse Labs, violating fund policies. Former CEO of Eclipse Labs, Neel Somani, allocated 5% of tokens to Pant in September 2022. Subsequently, Pant instructed Polychain to lead a $6 million seed round financing. The final allocation percentage decreased to 1.33%, valuing around $13.30 million at the latest valuation. Polychain stated that they only learned about this after Pant's departure and stated that he should have disclosed the transaction to prevent conflicts of interest. Pant insists that the transaction was legal but did not disclose the initial shareholding percentage or the reasons for the changes.