Daniel Ianello, a person accused of orchestrating an exit rip-off involving a crypto challenge often known as The Phoenix, has filed a movement to dismiss a lawsuit introduced in opposition to him in Tennessee federal court docket.
In accordance with the criticism, Ianello allegedly took over Phoenix Group Capital in October 2022 and carried out what intently resembles an exit rip-off. After taking management of The Phoenix’s belongings, he allegedly shut down its good contracts shortly after.
Plaintiffs declare he then “moved tons of of 1000’s of {dollars} in investor cash, started deleting posts on Discord […] deleted earlier variations of Phoenix’s web site, and introduced the ‘good contracts’ wouldn’t be restored.”
In his movement to dismiss, Ianello claimed 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 contends that he by no means offered any securities since he joined the corporate by buying its belongings solely after the alleged gross sales. He claims he made no statements associated to the provided investments and accuses the plaintiffs of lumping him in with The Phoenix and its founders.
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Challenge made daring guarantees
In accordance with 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 then promised to be distributed amongst token holders 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 allegedly result in feeding “excessive proportion revenue sharing to the neighborhood.”
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Crypto scams are a scorching matter
Scams stay a persistent situation 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 within the first half of 2025.
As Cointelegraph reported on Friday, the self-claimed sufferer of a crypto romance rip-off who just lately sued Citibank for lacking crimson flags has simply filed a second lawsuit focusing on two different banks. In late June, 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 jail sentence in Brooklyn, New York.
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