Ethereum layer-2 project Eclipse is undergoing a leadership transition following sexual misconduct allegations against its former CEO, Neel Somani.
Somani, the founder and now ex-CEO of Eclipse, has stepped down from his position. According to a May 16 announcement from Eclipse Labs, Vijay Chetty will take over as the new CEO “effective immediately.”
Eclipse’s announcement did not specify the reasons for Somani’s departure. However, the change in leadership comes in the wake of sexual misconduct claims against Somani. On May 9, he declared that he was “temporarily reducing” his public presence due to the allegations, which he denies, asserting that he has not “sexually assaulted or harassed” anyone.
Chetty, who has been serving as Eclipse’s growth officer, brings a wealth of experience to his new role. His background includes leadership positions at dYdX Trading, Ripple Labs, Uniswap Labs, and investment manager BlackRock.
The cryptocurrency community reacted swiftly to the allegations against Somani, with some interpreting his resignation as an admission of guilt. Eclipse’s announcement on May 9 emphasized that the company takes the allegations seriously and values the importance of truth.
Several of Eclipse’s backers and investors have also voiced their concerns. Haseeb Qureshi, managing partner at Dragonfly Capital, disclosed that his firm declined an investment opportunity in Eclipse after discovering Somani’s history of sexual harassment claims during background checks. Qureshi suggested that existing investors were likely aware of these claims.
Hack VC, an investor in Eclipse, expressed being “deeply troubled” by the allegations against Somani. The firm stated on X (formerly Twitter) that it had urged Somani to resign and supported his decision to do so. “To be perfectly clear: the alleged behavior in question is unacceptable, full stop,” the firm wrote.
This leadership change marks a significant moment for Eclipse as it navigates the fallout from the allegations and looks to move forward under Chetty’s leadership.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
