揭秘融资「黑幕」：Polychain前合伙人被曝秘密收取「好处费」

Odaily星球日报Опубліковано о 2024-07-10Востаннє оновлено о 2024-07-10

Анотація

Eclipse Labs前首席执行官Neel Somani向Pant承诺持有价值1330万美元的Eclipse代币。

原文标题：Top Crypto VC Says Ex-General Partner Made Undisclosed Side Deal With Portfolio Company

原文作者：Sam Kessler，CoinDesk

原文编译：DeThings

编注：顶级加密风险投资公司的一位前普通合伙人 Niraj Pant 与投资组合公司 Eclipse Labs 达成了隐秘协议，但时间线模糊，引起了一些争议。这一事件引发了对于风险投资行业中潜在利益冲突和道德标准的关注，突显了投资者和创业公司之间的复杂关系。

揭秘融资「黑幕」：Polychain前合伙人被曝秘密收取「好处费」

· Polychain 表示，其前普通合伙人 Niraj Pant 与投资组合公司 Eclipse Labs 达成了一项秘密协议，该协议违反了该基金的政策。

· CoinDesk 的一项调查显示，Eclipse Labs 前首席执行官 Neel Somani 向 Pant 承诺持有价值 1330 万美元的 Eclipse 代币。

· 据 Eclipse 的消息人士透露，Somani 承诺将这些代币作为一种激励措施，让 Pant 获得 Polychain 资金。

· Polychain 表示，Pant 没有向该基金透露这笔交易。后来，它投资了 Pant 的人工智能创业公司 Ritual。

· Pant 证实 Eclipse Labs 为他分配了「顾问」代币，但表示直到 Polychain 投资后，他才与该公司达成协议。

· 这种情况让我们得以一窥加密行业融资场景的典型阴暗交易，在这些交易中，风险投资公司对项目和投资进行投资，以换取代币而不是传统的股权。

加密风险投资巨头 Polychain 指控前雇员 Niraj Pant 与投资组合公司 Eclipse Labs 达成了一项违反该基金政策的幕后交易。

根据三位知情人士和 CoinDesk 审查的 Eclipse 内部文件，Eclipse Labs 前首席执行官 Neel Somani 在 2022 年 9 月悄悄地将即将推出的 Eclipse 加密代币的 5% 分配给了 Pant——就在 Pant 指示 Polychain 领导该公司 600 万美元的种子前融资几天后。

分配最终减少到 1.33%，价值 1330 万美元，按该代币最近在一轮私人投资中完全摊薄的估值计算。（据一位接近 Eclipse Labs 的消息人士称，该公司最新一轮融资对该代币的完全摊薄价值（FDV）进行了 10 亿美元的估值。

Polychain 由加密货币交易所 Coinbase 的 Olaf Carlson-Wee（第一位员工）创立，是最大和最知名的加密货币风险投资公司之一，管理着超过 110 亿美元的资产。Pant 在 2017 年至 2023 年期间担任该公司的普通合伙人，负责将公司的风险投资引导到有前途的加密初创公司。

此后，Pant 成为加密行业的杰出人物，目前担任区块链 AI 初创公司 Ritual 的联合创始人，Ritual 是 Polychain 的另一项投资组合投资。

Eclipse Labs 构建了一个区块链，该区块链混合了来自流行的 Solana 和以太坊网络的技术。在领投 Eclipse 2022 年 8 月的种子前轮融资后，Polychain 于 2024 年 3 月参与了 5000 万美元的 A 轮融资。

Pant 率先进行了种子前交易，CoinDesk 的一项调查显示，大约在同一时间，他分配的 Eclipse 加密代币数量与 Polychain 本身一样多。据 CoinDesk 的消息来源称，这笔交易并未向 Eclipse 的大多数高管、顾问或大型投资者披露。

Pant 坚称，这项安排完全是符合犹太教的，因为它直到 2022 年 9 月才最终确定，也就是 Polychain 已经投资 Eclipse 的一个月。他与 CoinDesk 分享了法律文件，显示他对 Eclipse 代币的「咨询」分配在 2024 年被修改为 1.33%，但拒绝评论他最初股份的规模，或者为什么它被改变。

Polychain 告诉 CoinDesk，直到 Pant 于 2023 年离开公司后，它才知道 Pant 在 Eclipse 中拥有财务股份。该基金表示，他应该根据其政策披露这笔交易，这些政策旨在保护公司及其投资者免受利益冲突的影响。

「Polychain 直到 Niraj Pant 离开公司后才意识到 Eclipse 和 Niraj Pant 之间的财务关系，」Polychain 发言人在给 CoinDesk 的一封电子邮件中示。「Polychain 对担任顾问角色的员工有健全的政策和程序。在 Pant 先生离开 Polychain 后，该公司意识到他违反了其政策并调查了此事。

Polychain 对 CoinDesk 的声明提供了对加密风险投资公司及其资助项目的舒适世界的香肠制作过程的难得见解。风险投资公司很少公开讨论人事问题或交易结构，Polychain 也没有公开披露 Pant 违反政策的行为，直到 CoinDesk 就此事进行了报道。

模糊的时间线

这一启示可能会加深围绕 Somani 的有争议的叙述，Somani 于 5 月因性行为不端的指控而辞去 Eclipse 首席执行官一职。索马尼否认了这些指控，并拒绝就此事发表评论。

两位不愿透露姓名的接近 Eclipse 的消息人士声称，Somani 在种子前交易完成之前就向 Pant 承诺了他在 Eclipse 代币中 5% 的咨询股份。

根据 CoinDesk 审查的文件，Pant 的股份高于除 Polychain 以外的任何 Eclipse 投资者，Polychain 也占 Eclipse 代币的 5% 。潘特的股份超过了分配给其他顾问、投资者和除前首席执行官之外的所有 Eclipse 员工的股份。

据两位知情人士透露，索马尼告诉他的核心圈子，慷慨的代币赠款旨在激励 Pant 获得 Polychain 的现金和这位资深风险投资人梦寐以求的认可。

据 Polychain 官员称，当时没有向风险投资公司或其有限合伙人披露这一安排。

代币，而不是股权

这一次还让我们得以一窥加密货币行业独特筹款规范的交易，数字代币通常与任何股权一起授予，或代替任何股权。区块链应用程序、数字资产和去中心化账本通常被宣传为传统金融的更透明的替代方案，但许多领先项目和加密货币的所有权结构仍然不透明。

Eclipse Labs 构建了一个第 2 层区块链，为用户提供了一种更快、更便宜的以太坊网络交易方式。该网络的主要吸引力在于它借用了流行的 Solana 区块链的元素来为其技术设计的关键元素提供动力——这一细节帮助它在两个最大的区块链社区中赢得了轰动。

在 Eclipse 的融资中，代币分配至关重要，因为很少有投资者获得该项目的股权。大多数人只是被承诺从 Eclipse 的代币中分一杯羹——一种尚不存在的加密货币，Eclipse 甚至没有公开宣布。

此设置并非非典型。加密货币投资者经常提供现金以换取代币而不是传统股权，公司很少向公众披露这些安排，以免他们在将加密货币归类为投资证券的斗争中为金融监管机构提供弹药。

「Eclipse Labs 没有向公众披露投资者的所有权百分比，」Eclipse Labs 的一位发言人告诉 CoinDesk。

根据 CoinDesk 审查的内部代币分配表，Eclipse 的员工、投资者和顾问已经获得了未来 Eclipse 代币供应量的近 50% 。

Pant 坚称，他自己与 Eclipse 的咨询协议是光明正大的。他与 CoinDesk 分享了法律文件，显示他将获得 Eclipse 代币 1.33% 的股份。

揭秘融资「黑幕」：Polychain前合伙人被曝秘密收取「好处费」

摘自 Niraj Pant 提供的经修订的咨询协议

这一数额——从 Pant 没有披露的早期总额修正而来——低于文件和知情人士透露的 Pant 最初承诺的 5% ，但仍高于其他所有 Eclipse 顾问以及几乎所有投资者和员工。

Pant 分享的咨询协议日期为 2024 年 4 月 29 日—在他离开 Polychain 之后—并由两方签署：Neel Somani，代表 Eclipse Labs;和 Niraj Pant，代表「The Psychological Operations Co.」

揭秘融资「黑幕」：Polychain前合伙人被曝秘密收取「好处费」

摘自 Niraj Pant 提供的修订后的咨询协议，由 Pant 和 Neel Somani 签署

根据协议，Psychological Operations Co. 将获得 Eclipse 代币的赠款，以换取 Eclipse 要求的「定期电话会议同步会议」。该协议本身没有提到 Polychain 或其对 Eclipse 的种子前投资。

Pant 提供给 CoinDesk 的协议版本指出，这是对 2022 年 9 月 8 日早期咨询协议的「修订」——就在 Eclipse 的种子前轮融资结束几周后，当时他仍然是 Polychain 的普通合伙人。

潘特拒绝分享最初的协议。

Polychain 的政策

无论 Pant 的顾问职位是否在种子前交易之前完成，如果他在 Eclipse 的最初顾问职位是在他仍在 Polychain 工作时开始的——正如他自己的文件所证明的那样——那么他可能仍然需要根据公司的道德政策披露这一点，该公司在向美国证券交易委员会（SEC）的冗长披露中对此进行了描述。

揭秘融资「黑幕」：Polychain前合伙人被曝秘密收取「好处费」

Polychain 首席执行官 Olaf Carlson-Wee（Danny Nelson / CoinDesk）

在提交给美国证券交易委员会的官方政策文件中，Polychain 写道：「为了监控任何利益冲突，Polychain 员工必须预先清除其个人账户中的某些预期交易，这些交易可能会出现不当行为，并且必须首次和每年披露所有个人账户的持股情况，以及每季度披露所有交易。

这种情况尤其引人注目，因为 Pant 不仅是 Polychain 的前雇员，还是 Polychain 最热门的投资组合公司之一 Ritual 的联合创始人。

在去年离开 Polychain 并创立 Ritual 后，Pant 迅速成为区块链行业演讲者的主要成员，被视为加密和人工智能交叉领域的思想领袖。Ritual 旨在分散 AI 模型的执行，是区块链与 AI 相遇的一类项目之一，这些项目本身已经发展成为风险投资的宠儿。去年 11 月，它从 Polychain 和其他公司筹集了 2500 万美元。

Polychain 拒绝评论其与 Ritual 的关系是否因 Pant 所谓的违反政策而发生变化，或者它是否在投资 Ritual 之前就知道了这一违规行为。

尽管涉嫌违反政策，但 Polychain 对 Eclipse 的投资仍可能获得回报。据一位接近该基金的消息人士称，自该公司于 2022 年首次投资以来，其在 Eclipse 的股份价值增长了 10 倍。

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揭秘融资「黑幕」：Polychain前合伙人被曝秘密收取「好处费」

Анотація

模糊的时间线

代币，而不是股权

Polychain 的政策

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