Daniel Ianello, a person accused of orchestrating an exit rip-off involving a crypto venture referred to as The Phoenix, has filed a movement to dismiss a lawsuit introduced towards him in a Tennessee federal courtroom.
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 a whole bunch of 1000’s 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 courtroom 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 offered any securities, since he joined the corporate by buying its belongings solely after any alleged gross sales. He claimed he made no statements about provided investments and that the plaintiffs are lumping him in with The Phoenix and its founders.
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Mission made daring guarantees
According to its CoinMarketCap web page, The Phoenix leveraged its “giant capital pool of group 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 staff to fund, create and handle new initiatives. This, in flip, would result in “excessive proportion revenue sharing” by the group.
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Crypto scams are a sizzling subject
Scams stay a persistent subject 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 purple flags has simply filed a second lawsuit focusing on two different banks.
A person on the heart 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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