The Ethereum layer-2 project, Eclipse, is undergoing a leadership change after its former CEO faced allegations of sexual misconduct.
Neel Somani, the project’s founder and former CEO, has resigned from his position. According to a May 16 announcement from Eclipse Labs, Vijay Chetty will take over as CEO, effective immediately.
The announcement from Eclipse does not mention the reason behind Somani’s departure.
Chetty, who has been the project’s growth officer, brings extensive experience from his previous roles at dYdX Trading, Ripple Labs, and Uniswap Labs. He has also worked with investment manager BlackRock.
Meanwhile, Somani has denied all allegations. On May 9, he announced that he would be “temporarily reducing” his “public presence” following the accusations against him. He stated that he has not “sexually assaulted or harassed” anyone.
On the same day, Eclipse issued a statement emphasizing that it takes the allegations against Somani “seriously” and believes in the importance of uncovering the truth.
The allegations have sparked immediate backlash from the cryptocurrency community, with some interpreting Somani’s resignation as an admission of guilt.
Some of Eclipse’s backers and investors have also voiced their concerns. Haseeb Qureshi, managing partner at Dragonfly Capital, revealed that his venture capital firm decided not to invest in Eclipse after conducting background checks and discovering Somani’s history of sexual harassment claims.
“If we heard this with minimal diligence, there’s no way the actual investors didn’t also hear the same,” Qureshi wrote in a post on X (formerly Twitter).
Hack VC, an investor in Eclipse, also expressed its concerns on X, stating it was “deeply troubled” by the allegations against the former Eclipse founder. The firm revealed that it had urged Somani to resign and was satisfied with his decision to step down.
“To be perfectly clear: the alleged behavior in question is unacceptable, full stop,” the firm wrote.
Summary Review: The leadership change at Eclipse amid serious allegations against its former CEO highlights the importance of accountability and transparency in the crypto industry. With Vijay Chetty at the helm, Eclipse aims to move forward and continue its development while addressing the concerns raised by the community and its investors.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
