Source: Cointelegraph Original: "{title}"

Learning and earning platform Dohrnii Labs has filed a report in the UAE, accusing the local cryptocurrency exchange Blynex of unauthorized liquidation of its tokens and failing to provide the promised loan.

According to a statement shared with Cointelegraph, Dohrnii Labs deposited 12,649.99 Dohrnii (DHN) tokens (worth over $500,000) into Blynex. On March 23, the company stated that it used 8,650 of those tokens as collateral to borrow 80,000 Tether (USDT) as a 30-day loan.

Dohrnii claims that the exchange never delivered the USDT. Additionally, the team stated that Blynex liquidated its entire DHN position (a total of 8,650 tokens) on Uniswap, recovering 149,151 USDT, which led to a decline in the market value of the token.

The company reported that attempts to withdraw the remaining 4,000 DHN tokens were unsuccessful.

Source: Dohrnii Labs

Blynex co-founder Mike Baskes stated in an interview with Cointelegraph that this was part of their "automated risk management system." Baskes claimed that their system detected that if liquidation occurred, the value of the collateral could significantly drop, prompting them to take relevant measures.

Blynex executives stated that when the tokens were sold, only 145,000 USDT was generated, rather than the initially promised amount. He mentioned that the liquidity of the DHN token was limited, estimating that there was only about $315,000 in liquidity at the time of trading.

The executive claimed that Blynex took measures to prevent financial losses: "Given the liquidity constraints, the system identified that if the collateral was not liquidated immediately, further losses could be faced, as these tokens would be difficult to sell at a favorable price in the current market."

However, Dohrnii Labs questioned this explanation, stating that Blynex's defense was "misleading" and accused the exchange of liquidating collateral that was nearly double the value of the loan.

Dohrnii Labs threatens legal action against Blynex

In response, Dohrnii Labs filed a report in the UAE and threatened to take legal action against the cryptocurrency exchange.

A representative from Dohrnii Labs told Cointelegraph that filing the report was just the "first step." The representative stated that if Blynex ignores their communications, they will escalate the matter legally: "Since both the project and the responsible parties are located in the UAE, we are also in contact with local regulatory authorities, including VARA, ADGM, and other relevant departments. Additionally, we are communicating with other affected projects and actively exploring the possibility of joint legal action."

The team stated that they hope to ensure accountability through the legal system and regulatory oversight.

Dohrnii stated in an interview with Cointelegraph that Blynex had attempted to resolve the matter by offering them 80,000 USDT and allowing the withdrawal of 4,000 DHN tokens.

However, the exchange added a condition that the platform would waive all legal claims. "This is unacceptable," said Dohrnii Labs.

"These 4,000 DHN tokens are user deposits—not negotiable assets. The right to withdraw these funds should never be a subject of discussion," Dohrnii Labs added.

Related: The U.S. will return $7 million to victims of "fake" crypto investment websites.

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