Tech

Crypto VC Firm Polychain Accuses Former Employee of Policy Breach

Crypto VC firm Polychain alleges former employee violated policies. Stay updated on the latest developments in the blockchain industry with this exclusive report.

Published

5 months ago

July 9, 2024

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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. Neel Somani, the former CEO of Eclipse Labs, 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 later reduced to 1.33%, valued at $13.3 million at the token’s most recent valuation.

Background of Polychain and Niraj Pant

Polychain, founded by Olaf Carlson-Wee, is a major player in the crypto venture capital industry with over $11 billion in assets under management. Pant, a former general partner at Polychain, is now the co-founder of blockchain AI startup Ritual, also a portfolio investment of Polychain’s. Eclipse Labs, a blockchain company combining Solana and Ethereum technologies, received funding from Polychain in 2022.

Controversial Token Allocation

Pant’s undisclosed 5% advisory stake in Eclipse’s token raised concerns about conflicts of interest. The deal was not transparent to Eclipse’s executives, advisors, or large investors. Polychain stated that Pant should have disclosed the arrangement under the firm’s policies to prevent conflicts of interest.

Opaque Fundraising Norms in Crypto

The crypto industry’s fundraising norms often involve token allocations in addition to or instead of equity. Eclipse Labs has promised nearly 50% of its future token supply to employees, investors, and advisers. Pant defends his advisory agreement as legitimate, although questions remain about the timing and disclosure of the deal.

Policy Breach and Potential Impact

If Pant’s advisership at Eclipse began while he was still at Polychain, he may have violated the firm’s ethics policies. His involvement with Ritual, another Polychain portfolio company, adds complexity to the situation. Despite the alleged breach, Polychain’s investment in Eclipse has seen significant growth in value.

Related Topics:Business conflicts of interest crypto venture capital Eclipse Labs Niraj Pant Polychain Tech token allocation

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The National Transportation Safety Board (NTSB) released a preliminary report stating that a Tesla Semi electric truck in California required firefighters to use “50,000 gallons” (approximately 190,000 liters) of water to extinguish a roadside fire. Firefighting teams also deployed an aircraft to drop fire retardant on nearby areas as a precautionary measure to control the fire.

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New Leaks and Features About the Samsung Galaxy S25 Ultra

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New Leaks About Samsung Galaxy S25 Ultra

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A tweet shared by IceUniverse: Galaxy S25 Ultra Image

According to leaks, the Galaxy S25 Ultra is expected to be thinner and lighter compared to previous models. In August, rumors emerged that the upcoming Galaxy S25 Ultra would be lighter than its competitors, with a weight of under 221 grams.

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iOS 18 Officially Released: Innovations and Features

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iOS 18 Officially Released: Here Are the Innovations!

Apple officially launched iOS 18 yesterday, as promised. After a long beta testing phase, this update brings many exciting new features for iPhone users.

iOS 18 Officially Released: Innovations and Features

New Features in iOS 18

Advanced Customization Options on the Home Screen: With iOS 18, users can now arrange app icons freely without sticking to the traditional grid layout. Additionally, there’s an option to change the colors of the icons and adjust their darkness levels. In short, you are no longer bound to a boring layout. It raises questions why Apple waited until 2024 to offer this feature.
Revamped Control Center: The Control Center is completely redesigned in iOS 18. Users will be able to group controls more comfortably, and developers can easily add controls from their applications. Also, there’s an option to divide the Control Center into pages, allowing different controls on each page.
RCS Messaging Support: With iOS 18, Apple introduces Rich Communication Services (RCS) messaging support. Users can add various effects to their texts and react with new emojis for more colorful responses.
Updated Photos App: The Photos app is presented with a new opening page and a modern layout. Users can now browse photos by time, people, and many other criteria, reorder media files, and explore more with the “Collections” feature.
App Lock Feature: Users can now lock specific applications. For example, they can activate Face ID protection from the menu that appears when long-pressing an app icon. Thus, anyone wanting to open the app will have to pass the Face ID protection first.
Apple Intelligence: One of the important features of iOS 18 is Apple’s artificial intelligence kit, Apple Intelligence. However, to fully benefit from this feature, you’ll need to wait for the iOS 18.1 update. More information about Apple Intelligence can be found here.

How to Install iOS 18?