Another Lesson To Learn: Crypto Company Accuses Exchange Of Fraud

Coinidol.com received a message warning about the significant amount of funds being liqidated on the Blynex Cryptocurrency Exchange. However, later companies announced that the conflict was resolved.

A learn-to-earn platform that focuses on teaching users about finance and cryptocurrency, Dohrnii Labs, reported that on March 23, 2025, the team deposited 12,649.99 DHN tokens (a utility token that powers the Dohrnii ecosystem, which operates primarily on the Ethereum blockchain) on Blynex.com cryptocurrency exchange. The portion of the sum was provided as collateral for a 30-day loan to support DHN liquidity on Uniswap. They explained in the message that the transfer was initially pending without resolution.

"During this delay, and without any prior notice or approval, Blynex unilaterally liquidated the full 8,650 DHN on Uniswap, receiving 149,151 USDT. This action caused a sharp drop in DHN’s market value and damaged investor trust."

According to the reports, Blynex co-founder Mike Baskes claimed that the exchange's system took automatic action to prevent financial losses.

However, a day later companies announced that the conflict was resolved and the parties agreed to mutual cooperation.

A flawed system or a wrong choice

What was it: a flawed system, a wrong choice or a smart PR maneuver?

Coinidol.com warned our readers of the need to double and triple check all information about a cryptocurrency platform (as well as fiat or other means of payment) before making a decision to trust and invest money.

Blynex Exchange claims to be a secure hub for buying, selling and trading Bitcoin, Ethereum and altcoins. Blynex [BX] is a token based on the Binance Coin blockchain developed by the Blynex exchange, and according to Coinmarketcap, the price of the BX token is $0.000002. It is important to mention that Blynex's white paper has not yet been published. The exchange was founded in 2024 and registered in an unknown location.

It is worth mentioning that the name simiral is used by the platform Blynex.net, which has already been reported as a scam by several users.