Neel Somani, the founder of Ethereum layer-2 blockchain Eclipse, has stepped down as CEO following accusations of sexual misconduct.

In an announcement on X, Eclipse Labs revealed that Vijay Chetty would assume the role of CEO, replacing Neel Somani with immediate effect. The company did not disclose the specific reasons for Somani's departure.

Chetty, who previously served as Eclipse's chief growth officer, brings a wealth of leadership experience from roles at Uniswap Labs, dYdX Trading, Ripple Labs, and investment expertise at BlackRock. Eclipse emphasized Chetty's background and expertise as he transitions into the CEO position.

Neel Somani addressed the allegations of sexual misconduct on X, stating that he would temporarily reduce his public role at the company. He denied the accusations, asserting that he had never engaged in any form of sexual assault or harassment. Somani expressed his commitment to clearing his name and defending himself against the allegations.

Eclipse acknowledged the seriousness of the allegations against Neel Somani and emphasized the importance of truth in addressing such claims. The company's response to the situation reflects a commitment to transparency and accountability in handling sensitive issues within the organization.

Following a successful $50 million Series A funding round led by Hack VC and Placeholder in March, Hack VC expressed deep concern over the allegations against Neel Somani. The venture firm took swift action, urging Somani to resign and emphasizing a zero-tolerance policy towards sexual harassment or misconduct within its portfolio companies.

The response from Hack VC underscores a commitment to upholding high standards of conduct and ethics, emphasizing that any form of sexual harassment or misconduct is unacceptable. Eclipse and Neel Somani have yet to provide a formal response to requests for comment on the situation.