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Phoenix Community Capital disappears with investors’ money

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Phoenix Community Capital, a cryptocurrency investment firm with ties to parliamentary groups, appears to have disappeared from the public.

The disappearance caused many investors to become apprehensive about losing tens of thousands of pounds in investing and to question her ties to APPGs.

Phoenix Community Capital went public as an investment planner and cryptocurrency venture at the start of 2022, worth £665 million ($800 million) at some point.

The community has sponsored one All-Party Parliamentary Group (APPG), and its co-founder Luke Sullivan gave a speech at the second APPG event. He has also appeared as a panelist at peer-hosted events in Parliament.

The disappearance of the Phoenix Community Capital

The crypto investment firm appears to have disappeared from the public in September 2022, as its social media pages went silent and the website went offline.

The last tweet on the platform’s official Twitter page was on September 8, 2022. The platform’s “overlapping” investment portfolios have become inaccessible to nearly eight thousand investors.

It appears that some Phoenix Community Capital has changed ownership to a new company run by a certain “Dan”, who has told the grieving investors that he bears no responsibility to them. However, the company will try to give some returns.

The incarnation of the new company, led by Dan, indicated that an estimated 1,000 investors achieved returns on their investment, amounting to $57 million. On the other hand, 7400 suffered a loss of about $87 million.

Parliament participation and the cryptocurrency industry

Phoenix Community Capital donated £5,000 to the blockchain affiliate APPG in 2022. The company is also featured as a founding partner on the APPGs website. The APPG is co-chaired by SNP MP Martin Docherty-Hughes, who has denied any contact or knowledge of Phoenix.

In a different scenario, Phoenix Community Capital has been tied to a metaverse and web3-based APPG and chaired by Paula Uddin, who in a speech praised Sullivan as a dedicated community empowerment expert.

Phoenix Community Capital is strongly associated with Parliamentarians, House of Lords and APPGs. The disappearance of the company may raise concerns about the use of the APPG system and Parliament by companies to distance themselves as prestige brands and gain access to politicians without much scrutiny.

MPs and peers have become a target for the cryptocurrency industry as the government talks about regulating the industry.

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