Crypto firm with links to parliamentary groups appears to have vanished

theguardian.com:

A cryptocurrency investment firm with links to two all-party parliamentary groups (APPGs) appears to have disappeared, leaving some investors fearing they have lost tens of thousands of pounds and raising the prospect of further questions being asked about the role of APPGs in parliament.

Phoenix Community Capital established itself last year as a cryptocurrency project and investment scheme, which it said at one point was valued at $800m (£665m). It was a sponsor of one APPG, and its co-founder, Luke Sullivan, spoke at an event for a second APPG, as well as appearing as a panellist for events hosted by peers in parliament.

However, the company appears to have vanished in September last year, with its website going offline and the investment portfolios, known as “nests”, becoming inaccessible to an estimated 8,000 investors after that date.

Some investors, including a former Premier League footballer, claim to have lost tens of thousands of pounds each.

Some of the firm’s assets and its name appear to have been sold to a new company run by an individual called “Dan”, who has told investors it has no obligation towards them, but that it would still try to make them some returns.

Asked what had happened to the company and its investments, Sullivan said he would respond if the Guardian flew to the Philippines to discuss it further. He criticised the Guardian for making “a number of factual errors” and said he was not being allowed an opportunity to “clarify the real facts”, and then said he could not respond to a further request for comment.

The company had promoted itself online by referring to its links to the House of Lords, APPGs and parliamentarians.

The situation is likely to fuel concerns about the use of parliament and the