Daniel Ianello, suspected of manipulating a cryptocurrency project called The Phoenix and fleeing with funds, has filed a motion in the Tennessee federal court to dismiss the lawsuit against him.
According to the indictment, Ianello took over Phoenix Community Capital in October 2022 and implemented operations similar to a fund grab. After gaining control of The Phoenix's assets, he allegedly quickly shut down its smart contracts.
The plaintiffs claim that he then "transferred hundreds of thousands of dollars of investor funds, began deleting posts on Discord, removed earlier versions of the Phoenix website, and announced that the 'smart contracts' would not be restored."
In his motion to dismiss, Ianello stated that he is a resident of Michigan and has no intentional connection to Tennessee. The document notes: "This court has no personal jurisdiction over Mr. Ianello. Mr. Ianello's legal residence is in Michigan."
Ianello also argued that he has never sold any securities since joining the company through the acquisition of its assets. He claims he has never made any statements regarding the investments offered and accused the plaintiffs of conflating him with The Phoenix and its founders.
According to the CoinMarketCap page, The Phoenix utilizes its "massive community asset pool" to gain access to investment opportunities that are unreachable by the retail market. The promised returns on these investments are distributed to token holders through profit sharing.
The Phoenix also promised to launch an internal incubation program that would enable the management team to fund, create, and manage new projects, which is said to further bring high profit sharing to the community.
Scams remain a persistent issue in the cryptocurrency space. A report released by blockchain security firm CertiK on Tuesday showed that losses from cryptocurrency hacks, exploits, and scams surged to $2.47 billion in the first half of 2025.
As Cointelegraph reported on Friday, a recent individual claiming to be a victim of a cryptocurrency romance scam filed a lawsuit against Citibank for failing to recognize risk signals, and subsequently filed a second lawsuit against two other banks. At the end of June this year, a man involved in a cryptocurrency Ponzi scheme was sentenced to 97 months in prison by a federal judge in Brooklyn, facing nearly 8 years behind bars.
Related: U.S. Senator Cynthia Lummis drafts independent cryptocurrency tax legislation
Original: “Phoenix FIRE Investors Allege Fund Grab, Owner Moves to Dismiss Case”
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