Phoenix FIRE investors allege exit scam, owner moves to dismiss case
2025-07-04 11:17:15
Main Idea
Daniel Ianello, accused of orchestrating an exit scam involving The Phoenix crypto project, has filed a motion to dismiss the case, while the project's alleged fraudulent activities and broader crypto scam trends are highlighted.
Key Points
1. Daniel Ianello took over Phoenix Community Capital in October 2022 and allegedly executed an exit scam, deleting website versions and Discord communications.
2. The Phoenix promised profit distribution among tokenholders and an in-house incubation program with high-profit sharing, which may have been part of its fraudulent scheme.
3. Crypto scams remain prevalent, with blockchain security firm CertiK reporting $2.47 billion in losses from hacks, exploits, and scams in the first half of 2025.
4. Ianello's motion to dismiss the case argues that he should not be lumped in with The Phoenix and its founders, claiming he acquired assets after alleged sales occurred.
Description
Daniel Ianello has asked a Tennessee court to dismiss a lawsuit accusing him of orchestrating an exit scam after taking over crypto project The Phoenix.
Latest News
- Bitcoin's third flop at $110K puts bulls at risk: BTC price levels to watch2025-07-04 11:31:13
- Phoenix FIRE investors allege exit scam, owner moves to dismiss case2025-07-04 11:17:15
- Bitcoin price can hit $150K in weeks thanks to Trump's 'Big Beautiful Bill'2025-07-04 10:14:52
- Belgium crypto kidnapping case leads to three 12-year jail sentences2025-07-04 09:57:56
- How Zelensky’s ‘suit’ became the center of a massive Polymarket fight2025-07-04 06:42:10