Crypto education platform Dohrnii Labs has filed a police report against UAE-based crypto exchange Blynex for illegal liquidation of its DHN tokens.
Dohrnii Labs is advancing cryptocurrency education with its Dohrnii Academy, a “Learn-to-Earn” platform that makes financial knowledge accessible while rewarding users. Committed to transparency, they’ve allocated over 61% of DHN tokens to fuel this program, locked until 2026 and distributed over ten years.
Founded in 2021 by Dadvan Yousuf as an investment tool, Dohrnii shifted to education, expanding globally from Switzerland with teams in Kurdistan and legal efforts in the UAE.
Blynex is a platform that markets itself as a secure hub for trading cryptocurrencies like Bitcoin, Ethereum, and various altcoins. It positions itself as a player in the Web 3.0 space, emphasizing fast, reliable, and secure transactions. The exchange offers features like spot trading, futures contracts, and a native token called BX, which powers its ecosystem.
Users can stake BX for rewards, use it for low-cost payments, or borrow against it in USDT without selling. There’s also a gamified element called the BX Spinner, where users can win tokens, and a marketplace for digital services.
Why the police case
Dohrnii Labs tried to withdraw 4,000 DHN from their account on Blynex; however, the withdrawal did not go through.
“Nearly 24h ago, our team attempted to withdraw 4,000 DHN — the transaction remains blocked with no response.”
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.
“We never received a loan, yet @Blynexex liquidated our 8,600 DHN collateral,” Dohrnill Labs argued.
As a result, they have filed a police report in the UAE against Blynex and its affiliates.
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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.
“We demand the immediate release of the 4,000 DHN and the return of the full USDT amount generated from our collateral,” Dohrnii Labs revealed.
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 has responded by threatening to escalate the matter legally each time they made efforts to reach a solution.
“You are doing fraud here,” Dohrnii Labs said. They went further countering the report from Blynex, stating that;
“Let’s establish the facts. We provided 8,650 DHN as collateral. You liquidated this collateral and received 148,160 USDT from the sale. However, we never received the agreed-upon loan of 81,000 USDT. Therefore, if you’re now claiming that the loan was undercollateralized based on market conditions, it follows that the loan should be considered null—and our collateral, now converted into 148,160 USDT, should be returned to us in full. These funds represent our collateral, not your capital or profit.”
The company stresses that its top goal is keeping its users safe.
