Polychain Accuses Ex-Partner of $13M Secret Token Deal with Eclipse Labs

Polychain Capital has accused its former general partner, Niraj Pant, of violating company policies by secretly securing a token deal with Eclipse Labs, a startup in which Polychain had invested. Pant allegedly arranged to receive a 5% token stake, later reduced to 1.3%, worth $13 million, shortly after leading Polychain’s $6 million pre-seed funding round for Eclipse Labs. The deal was made with Neel Somani of Eclipse Labs. This incident highlights ongoing concerns within the crypto industry regarding undisclosed advisory roles and token deals. Additionally, Polychain also invests in Pant's AI startup.

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