Daniel Ianello is accused of executing an exit scam with the Phoenix Community Capital project, resulting in significant investor losses. Investors report he halted smart contracts and erased essential project data, leaving them financially vulnerable.
The crypto industry is grappling with heightened security risks, having lost over 2.47 billion USD to scams and hacks in the first half of 2025. The ongoing situation with Ianello exemplifies the vulnerabilities prevalent in crypto investments.
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