Daniel Ianello, a person accused of orchestrating an exit rip-off involving a crypto challenge generally known as The Phoenix, has filed a movement to dismiss a lawsuit introduced in opposition to him in a Tennessee federal court docket.
In keeping with the complaint, Ianello took over Phoenix Neighborhood Capital in October 2022 and allegedly executed an exit scam.
After taking management of The Phoenix’s (FIRE) belongings, he allegedly shut down its sensible contracts. Plaintiffs declare he then “moved lots of of hundreds of {dollars} in investor cash, started deleting posts on Discord […] deleted earlier variations of Phoenix’s web site, and introduced the ‘sensible contracts’ wouldn’t be restored.”
In his movement to dismiss, Ianello claimed that he’s a Michigan resident with no purposeful contact with Tennessee. The submitting states: “This court docket doesn’t have private jurisdiction over Mr. Ianello. Mr. Ianello is domiciled within the state of Michigan.”
Ianello additionally claimed that he had by no means bought any securities, since he joined the corporate by buying its belongings solely after any alleged gross sales. He claimed he made no statements about supplied investments and that the plaintiffs are lumping him in with The Phoenix and its founders.
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Undertaking made daring guarantees
According to its CoinMarketCap web page, The Phoenix leveraged its “giant capital pool of neighborhood belongings” to entry funding alternatives unavailable on the retail market. The returns on these investments had been promised to be distributed amongst tokenholders by a revenue launch.
The Phoenix additionally promised an in-house incubation program that allowed the administration crew to fund, create and handle new initiatives. This, in flip, would result in “excessive share revenue sharing” by the neighborhood.
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Crypto scams are a sizzling subject
Scams stay a persistent concern within the crypto house. A Tuesday report by blockchain safety agency CertiK claims that losses to crypto hacks, exploits and scams spiked to $2.47 billion in the first half of 2025.
As Cointelegraph reported on Friday, the self-claimed sufferer of a crypto romance rip-off who recently sued Citibank for lacking pink flags has simply filed a second lawsuit concentrating on two different banks.
A person on the middle of a crypto Ponzi scheme will spend practically eight years behind bars after a federal decide handed down a 97-month prison sentence in Brooklyn, New York, in late June.
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