Top Crypto VC Says Ex-General Partner Made Undisclosed Side Deal With Portfolio Company

Top Crypto VC Says Ex-General Partner Made Undisclosed Side Deal With Portfolio Company


Crypto venture capital giant Polychain has accused Niraj Pant, a former employee, of making a backroom deal with portfolio company Eclipse Labs that broke the fund’s policies.

According to three sources close to the situation and internal Eclipse documents reviewed by CoinDesk, Neel Somani, the former CEO of Eclipse Labs, quietly allocated Pant 5% of a forthcoming Eclipse crypto token in September 2022 – just days after Pant directed Polychain to lead the company’s $6 million pre-seed funding round.

The allocation was eventually reduced to 1.33%, worth $13.3 million at the token’s most recent fully diluted valuation in a private investment round. (According to a source close to Eclipse Labs,

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