Daniel Ianello, a man who is accused of emerging an exit scam involving a crypto project known as The Phoenix, has filed a motion to remove a lawsuit that was taken against him in the Tennessee Federal Court.
According to ComplaintIanello is said to have taken the Phoenix Community Capital in October 2022 and performed what is closely resembling An exit scam. After controlling the possession of Phoenix, he said he closed the wise contracts shortly.
Plaintiff claims to then “move the road -thousands of dollars to the investor’s money, began the removal of Discord (…) posts that removed earlier versions of the Phoenix website, and announced ‘smart contracts’ were irreversible.”
In his movement to remove, Ianello claimed he was a Michigan resident with no significant contact with Tennessee. The filing of the filing: “This court has no personal subject to Mr. Ianello.
Ianello also argues that he has not sold any security since he joined the company by obtaining his possessions only after the alleged sale. He claimed that he had no statements related to the investment offered and accused the plaintiffs of sinking him along with the Phoenix and its founders.
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The project has made brave promises
According to On its CoinMarketCap page, Phoenix seized the “large capital pool of community assets” to access investment opportunities that are not available in the retail market. Backings in investments are then promised to be distributed to token holders through a reward of income.
Phoenix also promised an in-house incubation program that allows team management to fund, create and manage new projects. This, in turn, is said to lead to the feeding of “high percentage of community revenue sharing.”
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Crypto scams are a hot topic
Scams remain an ongoing issue in the crypto space. A Tuesday report of Blockchain Security Firm that Certik claims to have losses in crypto hacks, exploitation and scam spiked to $ 2.47 billion in the first half of 2025.
Number Cointelegraph reported on Friday. Citibank has recently been judged For the missing red flags filed only a second lawsuit that targets two other banks. In late June, a man in the middle of a crypto ponzi scheme will spend almost eight years behind the bars after a federal judge Given a 97-month prison penalty In Brooklyn, New York.
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