This article was updated on September 27, 2024 to include recently verified developments to this originally published May 8, 2024 article, as confirmed by Blockchain Magazine’s editorial team:

• As of time of writing, there have been no legal charges filed against Somani in regards to the online allegations of misconduct shared to X in May.
• Shortly after learning of these allegations, Somani chose to voluntarily step down from his position as CEO of Eclipse to avoid disrupting the daily operations and business affairs of Eclipse with a personal matter.
• Previous reports suggesting that Somani unilaterally conducted a $10 million USD token sale without consulting investors have been revised following further investigation. As confirmed by other industry media.

Eclipse, the speedster of Ethereum’s Layer 2, fueled by the Solana Virtual Machine, its standout features include a decentralized setup that fuels creativity, a smart Layer 2 fix for zippier transactions, reduced fees, and boosted scalability, all-welcoming community of developers, fans, and users. Eclipse claims that it’s about education, grants for developers, and community gatherings, all aimed at letting folks dive into the decentralized wave and help craft the future of finance BUT there is a twist.

The tech world often celebrates visionary leaders for pushing boundaries, but what happens when those boundaries are put into question?

Earlier this month, the company’s founder and CEO, Neel Somani, became the topic of conversation after online rumors of professional misconduct began to spread through the social media platform X (formerly Twitter). The online allegations, while unproven as of press time, range from assertions of inappropriate behavior on social media and late night communications to more serious descriptions of alleged misconduct of a sexual nature. 

Recent Allegations on the Founder

Eclipse aimed to revolutionize blockchain efficiency and garnered significant investor interest. However, these online allegations against Somani have, understandably, raised serious concerns about today’s current tech culture and those standards expected from members of a company’s leadership team.   

Some of these online allegations specifically mentioned Somani’s official X account (@neelsalami), and made reference to situations where some of Somani’s comments and jokes may have been perceived as inappropriate and/or contrary to those expectations of a  company executive and leader. These actions attracted attention from some individuals throughout the online Web3 community, placing Somani’s ability to continue leading the company under question.

The developing situation online began to escalate after a female venture capital partner took to X, accusing Somani of engaging in alleged sexual harassment during an industry tech conference. While no supporting evidence has been presented as of press time in further corroboration of these assertions, this nevertheless intensifies industry concerns surrounding tech culture, its leadership, and providing for a safer and more respectful environment for women within today’s emerging tech landscape.

Somani additionally conducted a secondary sale of an unknown amount, which was authorized by all required investors. Non-stakeholders in Eclipse were surprised to learn of this, according to media reports. In March 2024, Somani took to his X account to address what he stated to be a “false rumor” in response to online speculation surrounding his alleged sale of “8 figures secondary.”

“As part of [Eclipse’s] last round, the choice to sell some secondary (<8 figures) was made to limit inside ownership of the network in line with crypto’s ideals, and the decision was made with the consent of required investors,” the X post read in part. As of press time, the specifics surrounding any ongoing, rumored internal investigations into the online allegations remain unclear, with some investors continuing to vocalize their concerns online. 

Source: x / @neelsalami

While these online assertions continue to remain on X, individuals within the emerging tech community are still left to ponder what comes next, with the trust and confidence of both company leadership, employees and investors up in the air as Eclipse looks to its next steps in continuing forward, including Somani’s current leadership status.

“Recent events surrounding Eclipse and its founder Neel Somani have raised serious concerns within the tech community. We are committed to upholding the highest standards of integrity and accountability in all our operations,” said Zebec founder and CEO Sam Thapaliya. Founded in 2021, the decentralized infrastructure network has attracted an estimated $35 million USD in investments by Circle, Coinbase, Solana Ventures, Republic, and more. 

Launched with Great Promise

Eclipse’s commitment to transparency and accountability is evident in its response to the allegations against Somani. Moreover, Eclipse recognizes the importance of community engagement and collaboration in driving its success. The company actively seeks feedback from its users and stakeholders to ensure that its products and services meet their needs and expectations. Through open dialogue and transparent communication, Eclipse fosters a sense of trust and partnership with its community, empowering them to actively participate in the company’s growth and development.

In conclusion, while Eclipse may currently be facing challenges related to its CEO’s conduct, the company remains steadfast in its commitment to its values and vision. With a focus on integrity, innovation, and community, Eclipse is set to overcome these obstacles and emerge stronger than ever. 

About Eclipse

Eclipse claims to be Ethereum’s fastest L2 blockchain platform, powered by the Solana Virtual Machine. It aims to empower users and transform the DeFi environment. With a focus on user privacy, security, and decentralization, Eclipse aims to redefine the landscape of DeFi and revolutionize the way people interact with blockchain technology. 

You can read more details about Eclipse can be found on their  official X account (@EclipseFND).