Dohrnii Labs Files a Police Report Against Blynex for Illegal Liquidation of Its DHN Tokens

Crypto education platform Dohrnii Labs has filed a police report against UAE-based crypto exchange Blynex for illegal liquidation of its DHN tokens.

Crypto education platform Dohrnii Labs has filed a police report against UAE-based crypto exchange Blynex for allegedly liquidating its DHN tokens illegally.

Dohrnii Labs is known for its efforts in advancing cryptocurrency education with its Dohrnii Academy, a “Learn-to-Een” platform. The aim is to make financial knowledge more accessible while also rewarding users for engaging with the content.

In line with its commitment to transparency, Dohrnii Labs has allocated over 61% of its DHN tokens to fuel this program, locking them until 2026 and ensuring their distribution over ten years.

Founded in 2021 by Dadvan Yousuf as an investment tool, Dohrnii later pivoted to education, expanding rapidly from Switzerland with teams in Kurdistan and ongoing legal endeavors in the UAE.

On the other hand, Blynex is a cryptocurrency exchange that describes itself as a "beacon of the Web 3.0 space." The platform facilitates the trading of major cryptocurrencies like Bitcoin, Ethereum, and a variety of altcoins.

It highlights its focus on swift, reliable, and secure transactions, offering users an array of services that include spot trading, futures contracts, and its native token, BX, which powers the exchange’s ecosystem.

Users can stake BX for interesting rewards, use it for low-cost payments, or borrow against it in USDT without having to sell. There’s also a gamified element called the BX Spinner, where users can have the chance to win tokens, and a marketplace for fast, efficient delivery of digital services.

Why the police case

According to a recent statement by Dohrnii Labs, they tried to withdraw

4,000 DHN from their account on Blynex. However, the withdrawal did not go through and the transaction remains blocked with no response from the crypto exchange.

According to Dohrnii Labs, Blynex liquidated their 8,600 DHN collateral, selling it for 148,160.64 USDT. But this was an action done without their authorization.

As a result, they have filed a police report in the UAE against Blynex and its affiliates.

They demand that Blynex release the 4,000 DHN they tried to withdraw. Second, they insist the platform hand over every bit of the 148,160.64 USDT that came from selling their collateral.

In response, Blynex has stated they acted within the bounds of the law and have consistently attempted to resolve the issue fairly and amicably. However, Dohrnill Labs responded by threatening to escalate the matter legally each time they made efforts to reach a solution.