Daniel Ianello, accused of executing an exit scam with the crypto project The Phoenix, has requested a dismissal of a lawsuit in a Tennessee federal court. The complaint alleges that Ianello took control of Phoenix Community Capital in October 2022, executed an exit scam, and subsequently shut down its smart contracts. Plaintiffs assert he misappropriated hundreds of thousands of dollars from investors, deleted Discord posts, and removed earlier versions of the project's website, claiming the smart contracts would not be reinstated. In his motion, Ianello argues he is a Michigan resident with no significant ties to Tennessee, asserting the court lacks personal jurisdiction over him. He contends he never sold securities, having acquired the company's assets only after any alleged sales, and claims the plaintiffs are incorrectly associating him with The Phoenix's founders. The Phoenix had promised high returns through community investments and an incubation program, but scams continue to plague the crypto industry, with significant losses reported in recent months. Read more AI-generated news on: https://app.chaingpt.org/news