Former Polychain Capital general partner Niraj Pant is accused of a secret deal with Eclipse Labs in violation of firm policies. Pant allegedly promised a share of Eclipse tokens for securing Polychain funding, a move unknown to Polychain management.
In September 2022, Pant and former Eclipse Labs CEO Neil Soman reportedly agreed on a token exchange. Soman promised Pant five percent of Eclipse tokens for a $6 million Polychain investment, later reduced to 1.33%, now valued at $13.3 million. This deal was hidden from Polychain’s management, advisors, and investors.
Polychain Capital, led by Olaf Carlson-Wee and managing over $11 billion in assets, was unaware of Pant’s arrangement until his departure. Pant received the same number of Eclipse tokens as Polychain, creating controversy.
This incident underscores the need for transparency and adherence to firm policies in venture capital investments, which are crucial for maintaining trust and integrity in the industry.
