Learn-to-earn platform Dohrnii Labs has filed a police report in the United Arab Emirates, accusing local crypto exchange Blynex of liquidating its tokens without authorization and failing to deliver a promised loan.
According to a statement shared with Cointelegraph, Dohrnii Labs deposited 12,649.99 Dohrnii (DHN) tokens — valued at more than $500,000 — with Blynex. On March 23, the company said it used 8,650 of those tokens as collateral for a 30-day loan in exchange for 80,000 Tether’s USDt (USDT).
Dohrnii claims the exchange never delivered the USDT. Furthermore, the team said Blynex liquidated its entire 8,650 DHN position on Uniswap, receiving 149,151 USDT and causing a drop in the token’s market value.
Attempts to withdraw the remaining 4,000 DHN tokens were unsuccessful, the company said.
Source: Dohrnii Labs
Blynex claims it was automated risk management
Blynex co-founder Mike Baskes told Cointelegraph the incident was part