Today, an interesting event took place in the cryptocurrency space. The people behind a project that hit the market in early 2022 seem to have disappeared. Here are the details…
Cryptocurrency investment company disappeared
Phoenix Community Capital, a cryptocurrency investment firm with ties to parliamentary groups, seems to have disappeared. Their disappearance has worried several investors that they will lose tens of thousands of pounds of their investment. In addition, this situation caused the project’s relationship with APPGs to be questioned. Phoenix Community Capital went public as a 665 million euro ($800 million) investment plan and a cryptocurrency project at some point in early 2022.
The community sponsored an all-party parliamentary group (APPG), and co-founder Luke Sullivan gave a speech at a second APPG event. He also took part as a panelist in the events organized by the peer-hosted parliament. The crypto investment firm appears to have vanished in September 2022 when its social media pages went quiet and its website went offline. The last tweet on the platform’s official Twitter page was posted on September 8, 2022. The platform’s investment portfolios have become inaccessible to nearly eight thousand investors.
Investors suffered a loss of $87 million
The ownership of part of Phoenix Community Capital appears to have passed to a new firm led by a person named “Dan” who told investors he had no liability to them. Still, it was stated that the company will try to provide some returns. The new company, led by Dan, noted that an estimated 1,000 investors earned $57 million in returns on their investments. By comparison, about 7,400 people suffered a loss of $87 million.
Involvement of parliament and crypto industry
Phoenix Community Capital donated 5,000 euros to APPG connected on blockchain in 2022. The company is also featured on APPG’s website as a corporate partner. APPG is co-chaired by Scottish National MP Martin Docherty-Hughes, who denies any contact or knowledge of Phoenix. In a different scenario, Phoenix Community Capital is tied to a metaverse and web3-based APPG and is led by Pola Uddin, who commends Sullivan in his speech as an expert dedicated to empowering the community.
Phoenix Community Capital has strong ties to parliamentarians, the House of Lords and APPGs. The company’s disappearance could precipitate fears that companies are using the APPG system and parliament to distance themselves as prestigious brands and reach politicians without too much scrutiny. For, cryptocoin.comAs we reported earlier, governments continue to talk about regulating the industry.
