⚡ Polychain Ex-Partner Faces Allegations of Undisclosed Deal
posted 10 Jul 2024
Polychain Capital has accused its former general partner, Niraj Pant, of secretly arranging a deal with cryptocurrency project Eclipse Labs, where he received tokens without informing the company. According to internal documents from Eclipse, Pant was allocated 5% of the tokens shortly after he recommended that Polychain invest in the project.
This advisory agreement was officially formalized much later, and Pant’s share was reduced to 1.33%. However, Pant did not disclose this information to Polychain’s leadership or other investors and only confirmed receiving the tokens later on, refusing to disclose details of the initial agreement.
Polychain was unaware of the financial relationship between Eclipse and Niraj Pant until after his departure from the firm. Polychain has robust policies and procedures surrounding employees serving in advisory roles,said a Polychain spokesperson.
Niraj Pant is now a co-founder of Ritual, a company viewed as one of the most promising projects in Polychain's investment portfolio. The fund has declined to comment on any potential changes in its relationship with Ritual due to the former employee’s actions.
More breaking news
More breaking news
Breaking news
🔥 Buterin Encourages Individual Participation in Staking
Breaking news
📣 Starknet Launches Program to Support dApps
Breaking news
✨ Hedera Shares Codebase with Linux Foundation
