Ethereum L2 Eclipse sees change in leadership following CEO’s sexual misconduct claims

As a crypto investor who has been following Ethereum layer-2 projects closely, I’m deeply concerned about the recent leadership change at Eclipse and the allegations of sexual misconduct leveled against its former CEO, Neel Somani. While Eclipse’s announcement didn’t provide much detail on the reason behind Somani’s departure, it’s clear that these allegations are serious and have caused widespread backlash within the crypto community.

As a researcher studying the blockchain ecosystem, I’ve come across an update regarding Ethereum layer-2 project Eclipse. The project has announced a leadership transition following allegations against its previous CEO concerning sexual misconduct.

As a crypto investor, I’ve recently learned that Neel Somani, the founder and previous CEO of Eclipse Labs, has stepped down from his position. According to an announcement made on May 16th, Vijay Chetty will take over the role effectively immediately.

Eclipse’s announcement doesn’t mention the reason behind Somani’s departure.

As a researcher studying the dynamic leadership team behind Eclipse, I’ve come across an intriguing figure: Chetty. Until recently, he held the crucial role of growth officer for this esteemed project. Looking back at his impressive career path, I discover that he has previously held significant leadership positions at dYdX Trading, Ripple Labs, and Uniswap Labs. Furthermore, his resume includes a tenure with renowned investment manager BlackRock.

As a researcher, I’ve observed that Somani has persistently refuted all the accusations levied against him. On the ninth of May, he declared his intention to “momentarily step back” from public view in response to the allegations.

He asserted that he has not “sexually assaulted or harassed” anyone.

That very same day, Eclipse expressed concern over the accusations against Somani and emphasized the significance of honesty.

Upon announcing his departure, the cryptocurrency community swiftly criticized the previous figure, implying that his resignation was indicative of wrongdoing.

Some critics among Eclipse’s financial supporters have voiced their dissatisfaction with the situation. Haseeb Qureshi, managing partner at Dragonfly Capital, disclosed that his venture capital firm declined an investment offer for Eclipse during their due diligence process.

Reportedly, Dragonfly was made aware of Somani’s history of sexual harassment claims.

“Based on our limited investigation, it’s implausible that the real investors weren’t aware of the same information.” (Qureshi expressed this thought in a post on X.)

During this time, Hack VC, who backs Eclipse, expressed concern over the accusations leveled against the ex-founder of Eclipse on platform X. The venture capitalist disclosed that they had requested Somani to step down from his position and were pleased with his choice to do so.

“The conduct in dispute is unquestionably unwelcome and inappropriate.” or “It’s important to note that the described actions are not tolerated under any circumstances.”

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2024-05-16 13:06