Phoenix FIRE investors allege exit scam, owner moves to dismiss case

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.

Daniel Ianello, a man accused of orchestrating an exit scam involving a crypto project known as The Phoenix, has filed a motion to dismiss a lawsuit brought against him in Tennessee federal court.

According to the complaint, Ianello allegedly took over Phoenix Community Capital in October 2022 and performed what closely resembles an exit scam. After taking control of The Phoenix’s assets, he allegedly shut down its smart contracts shortly after.

Plaintiffs claim he then “moved hundreds of thousands of dollars in investor money, began deleting posts on Discord […] deleted earlier versions of Phoenix’s website, and announced the ‘smart contracts’ would not be restored.”

Read more