So, there’s this guy Daniel Ianello who’s accused of pulling off an exit scam with a crypto project called The Phoenix (because, of course, it’s a phoenix – it’s all about rising from the ashes… of other people’s money). Anyway, he’s trying to get a lawsuit against him dismissed in a Tennessee federal court 🤔.
According to the complaint, Ianello took over Phoenix Community Capital in October 2022 and allegedly executed the exit scam. Because, you know, who needs smart contracts when you can just shut them down and make off with hundreds of thousands of dollars in investor money? 💸
Plaintiffs claim he deleted posts on Discord, deleted earlier versions of Phoenix’s website, and announced that the smart contracts would not be restored. It’s like he was trying to cover his tracks or something 🕵️♂️.
In his motion to dismiss, Ianello claims he’s a Michigan resident with no connection to Tennessee. He’s all, “Hey, I’m from Michigan, you can’t sue me in Tennessee!” 🎸
He also claims he never sold any securities because he joined the company after all the alleged sales went down. It’s like he’s saying, “I’m not responsible for the mess I made because I got here after the party started!” 🎉
The Phoenix: Where Dreams Go to Die
According to its CoinMarketCap page, The Phoenix promised investors the moon (not literally, but close enough). They claimed to have a “large capital pool of community assets” that would give them access to investment opportunities not available to regular folks. And, of course, the returns on those investments would be distributed among tokenholders because sharing is caring 🤗.
They also promised an in-house incubation program that would allow the management team to fund, create, and manage new projects. Because what could possibly go wrong with that? 🤔
Crypto Scams: The Gift That Keeps on Giving
Scams are still a thing in the crypto space (shocker, I know). A recent report by blockchain security firm CertiK claims that losses to crypto hacks, exploits, and scams spiked to $2.47 billion in the first half of 2025. Yikes! 😱
And, because one crypto scam story isn’t enough, a self-proclaimed victim of a crypto romance scam is suing Citibank for missing red flags. Because, you know, it’s always someone else’s fault 😒.
Oh, and a guy who ran a crypto Ponzi scheme is going to spend almost eight years in prison. So, there’s that 🚔.
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2025-07-04 14:47