Polychain accuses former employee of engaging in behind-the-scenes dealings with Eclipse Labs

Cryptocurrency venture capital firm Polychain has accused former employee Niraj Pant of engaging in undisclosed transactions with investment portfolio company Eclipse Labs, violating fund policies. According to sources familiar with the matter and internal documents from Eclipse, Pant instructed Polychain to lead a $6 million pre-seed funding round for the company. Shortly after, Eclipse Labs' former CEO Neel Somani quietly allocated 5% of the upcoming Eclipse cryptocurrency token to Pant. The final allocation was reduced to 1.33%, valued at approximately $13.30 million based on the fully diluted valuation of the recent private investment round.