Phoenix FIRE Exit Scam: $800M Crypto Project Faces Investor Fury as CEO Seeks Dismissal - adtechsolutions

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Phoenix FIRE Exit Scam: $800M Crypto Project Faces Investor Fury as CEO Seeks Dismissal


Daniel Ianello, a man accused of organizing an output fraud with a multimillion, which concerns the crypto of the Community Capital project, filed a proposal to dismiss the action against him at the Federal Court in Tennessee.

Investors say Inello took control of the project in October 2022 and carried out a sudden departure, closed a key infrastructure and transferred large amounts of the investor funds.

Fallout Phoenix Crypto Project is deepening when Ianello rejects court authority

According to Inello has stopped Phoenix’s intelligent contracts, removed discord posts, erased the previous versions of the project’s website, and informed the community that the contracts would not be restored.

In this case, the petitioners claim that they remained heavy financial losses after Inello “moved hundreds of thousands” to funds. They claim that the actions made the efforts to dismantle the project and left with the remaining capital.

In his proposal to release, Inello claimed that the court had no authority over it and said: “This court has no personal jurisdiction over Mr. Ianell. Mr. Ianello lives in Michigan.”

He denied the effective contact with Tennessee and claimed that he had never sold securities or did not use investment offers related to Phoenix. He also stated that he joined the company only after any alleged sale.

The Phoenix project had promised If you want to use the community capital for access to exclusive investment opportunities and divide the profits back to the tokens. He also advertised an internal incubation model for launching and managing new businesses. Investors say these promises have never been fulfilled.

For investors involved in the Phoenix case, it is now afraid that if the Ianella proposal is successful, the remaining funds could be lost for disposal or prices against fire.

Some fear that more litigation could follow, which further disrupts what could be obtained.

Crypto losses Q2 are falling but 2025 still on the track to exceed last year’s sum of fraud

According to the security company Blockchain Certik, The first half of 2025 recorded lost more than $ 2.47 billion Crypto hackers, fraud and exploitation have already exceeded $ 2.4 billion stolen throughout 2024.

While the second quarter recorded a sharp decline in hacking incidents, with 144 cases and $ 800 million in losses, 52% of Q1, the damage remains widespread.

The two main cases concerning the Bybita and Cetus protocol were $ 1.78 billion from this year’s total loss, which significantly chamfered the data.

Even without these remote values, a modified value of $ 690 million still emphasizes the permanent threats facing investors.

Phishing frauds were more than $ 410 million in 132 incidents, making it the second most expensive attack vector. Meanwhile, the Ethereum remained the most anticipated chain, with 175 security events led to losses of more than $ 1.6 billion.

Alone in May More than $ 302 million have been lost on fraud and hacteswith the vulnerability of code that appear as the highest threat. This only category was $ 229.6 million, which is 4,483% increase from the April numbers.

Contribution Phoenix Fire Exit Scam: $ 800 million Krypto Project faces investor Fury because the CEO is looking for release He appeared for the first time Cryptonews.





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