Related: Dubai Land Department begins real estate tokenization projectDohrnii Labs threatens legal action against BlynexIn response, Dohrnii Labs filed a police report in the UAE and threatened to take legal action against the crypto exchange. A Dohrnii Labs representative told Cointelegraph that the police report was only a “first step.” The representative said if Blynex ignored their communications, they would legally escalate the matter:“Since the project and the individuals responsible are based in the UAE, we are also getting in touch with local regulators, including VARA, ADGM, and other relevant authorities.
The executive claimed Blynex took action to prevent financial losses:“Given this liquidity constraint, the system recognized a high risk of further loss if the collateral wasn’t liquidated immediately, as the tokens would be difficult to sell at a favorable price in the current market.”Dohrnii Labs has challenged that explanation, calling Blynex’s justification “misleading” and alleging that the exchange liquidated collateral worth nearly double the value of the loan.
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.
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Author / Journalist: Cointelegraph by Ezra Reguerra
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