based on the material from the site - By Cointelegraph
Daniel Ianello, accused of orchestrating an exit scam related to a crypto project known as The Phoenix, has filed a motion to dismiss the lawsuit brought against him in federal court in Tennessee.
According to the complaint, Ianello allegedly took control of Phoenix Community Capital in October 2022 and executed what closely resembles an exit scam. After gaining control of The Phoenix's assets, he allegedly soon thereafter shut down its smart contracts.
The plaintiffs claim that he then 'transferred hundreds of thousands of dollars of investors' money, began deleting messages in Discord […] deleted earlier versions of the Phoenix website, and announced that the 'smart contracts' would not be restored.'
In his motion to dismiss the case, Ianello argued that he is a resident of Michigan and has no purposeful contacts with Tennessee. The lawsuit states: 'This court lacks personal jurisdiction over Mr. Ianello. Mr. Ianello resides in the state of Michigan.'
Ianello also claims that he has not sold any securities since joining the company, having only acquired its assets after the alleged sales. He asserts that he made no statements regarding the proposed investments and accuses the plaintiffs of wrongly associating him with Phoenix and its founders.
According to his CoinMarketCap page, Phoenix used its 'large public asset capital pool' to access investment opportunities unavailable in the retail market. The income from these investments was then promised to be distributed among token holders through profit releases.
Phoenix also promised an internal incubation program that would allow the management team to fund, create, and manage new projects. This, in turn, allegedly would lead to a 'high percentage profit distribution for the community.'
Fraud remains a persistent problem in the crypto space. A report released on Tuesday by blockchain security firm CertiK states that losses from crypto hacks, exploits, and fraud have surged to $2.47 billion in the first half of 2025.
As Cointelegraph reported on Friday, a self-proclaimed victim of a crypto romance scam who recently sued Citibank for failing to raise red flags has just filed a second lawsuit against two other banks. At the end of June, an individual at the center of a crypto Ponzi scheme will spend nearly eight years behind bars after a federal judge sentenced him to a 97-month prison term in Brooklyn, New York.
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