Dadvan or: The King’s new Clothes

Hallelujah! There is a new “star” shining in the firmament of the crypto-sky: Dadvan I. Yousuf. A young refugee from Iraq who lives in Switzerland and who is currently being interviewed by all the major newspapers, TV- and radio stations there, almost on a daily base. And to no surprise, Dadvan is using this fame to promote his new Dohrnii Foundation and its DHN token.

The story of Dadvan I. Yousuf is, indeed, flabbergasting: He claims to have started trading with Bitcoin when he was only 11 years old, and then made his way out of poverty to the lush life of a billionaire. That’s the stuff all our dreams are made off! And a story which seems to switch all journalist’s brains off.

Upon a closer look, Dadvan, his token and many of the involved people raise some serious suspicions. Could it all be a new, big ponzi scheme? Or even a money laundering scheme from some big wits who were involved in the famous “PlusToken”-scam?

I have no final answer to this. I only have facts which may help you to make an educated decision on whether or not you want to invest in this weird new DHN-token.

 

When Billions disappeared

First, let’s take a closer look at the “PlusToken”-scam which led – depending on the source – to losses for investors between $3 and $6 billion, always depending on the current value of the involved crypto-currencies. The timing of the whole story will become important later.

The story of this famous token is quickly told. Here what Wikipedia reports:

“PlusToken started in April 2018. It offered monthly payments to users of its cryptocurrency wallet. There was also a token called Plus associated with it. The total amount of cryptocurrency taken by PlusToken was estimated to be worth (based on 2019 prices) between $2 and US$2.9 billion. The selling of cryptocurrencies from PlusToken was speculated to have been the cause of price drops in bitcoin.

In June 2019, six Chinese nationals associated with the scheme were arrested in Vanuatu and deported so they could face trial in China.

In July 2020, China’s Ministry of Public Security announced that 27 “major criminal suspects” and 82 “key” members of PlusToken have been arrested.

In November 2020, a court in Jiangsu sentenced ringleaders behind the scheme to between two and eleven years in prison.”

Let’s keep this story in our mind before telling Dadvan’s fairy tale.

 

Poor boy – rich boy

Although there are a lot of Bitcoin- and Blockchain-companies in Switzerland, the community is rather small. All know each other, and when asked about a certain crypto-billionaire Dadvan Yousuf, all responded in the Swiss Bitcoin Telegram group: “Never heard of him”.

That’s amazing, given that Dadvan claims to be, per today, a crypto-billionaire. His story as he tells it is, indeed impressing.

Again, a quote from Wikipedia, although it seems this is a pure self-promoting article:

“Yousuf was born in Iraqi Kurdistan in 2000. His father was part of the Peshmerga and fled the country to Switzerland before Yousuf was born. Three years later his mother left the country as well, together with her three sons. They arrived in Neuenburg, Switzerland, in 2003 where his father had relocated. In 2004, the family was granted refugee and moved to Ipsach. Yousuf has five younger siblings which were born in Switzerland.

When he first heard about Bitcoin with 11 years old, Yousuf sold some of his toys in his neighborhood in Ipsach, Bern and used the money to invest in Bitcoin. He bought 10 Bitcoins for €15 each and has been trading in Bitcoin ever since. In 2012 he bought 1000 Bitcoins for €11,126 each. In 2016, he invested in Ethereum for the first time, buying 16 000 units for €134 000.

In 2017, he started an apprenticeship at the Eidgenössische Hochschulinstitut für Berufsbildung in Zollikofen. He finished his apprenticeship with a real estate company in Bern. Around the same time, he developed a software for automated trades in cryptocurrencies, based on an algorithm analysing data and predicting fluctuations in the future. The algorithm evaluates data stemming from technical analysis, social media, macroeconomics and public statements about cryptocurrencies.

He founded the Dohrnii Foundation in Zug, which oversees the development of his cryptocurrency software. He also introduced his own cryptocurrency Dohrnii in March 2021. Yousuf became a multi- millionaire through his cryptocurrency trades. He is considered the youngest Swiss self-made millionaire.

In late 2021, Yousuf took over part of the Swiss startup Crowdlitoken and became their CEO. The startup was founded to develop solutions to allow people to invest in real estate through digital shares in the form of tokens.”

This story sounds too good to be true, so let’s dig a bit deeper…

A convenient time-line

March 3, 2021, four young guys entered the law firm of Bruno Giger in the small town Immensee in Switzerland:

• Dadvan Ismat  Yousuf (*2000; citizen of Iraq, living in Switzerland)
• Walat Ismat Yousuf (*1998), citizen of Iraq, living in Switzerland)
• Khalat Ismat Yousuf (*1996; citizen of Iraq, living in Switzerland)
• Patrick Dominik Roth (*1986, a Swiss citizen)

In the lawyers office, the four guys established the “Dohrnii Foundation” and paid in a capital of 200’000 Swiss Francs in cash.

The purpose of the newly established Foundation, among others:

• Promoting the Dohrnii Protocol
• Promoting the Dohrnii coin

“Developing new technologies, decentralized software architecture and related artificial intelligence.”

(Find a copy of the document here)

So we have now all that we need for a good business case: A brand new crypto currency, artificial intelligence, the wet dream of everybody who wants to go big.

All the Yousuf’s are no-names in Switzerland. Not a single story was written about them, and Patrick Roth only is known for having bought and renovated a house and trying his luck as real estate guy. Well, at least in his Linkedin-profile, he claims to be interested in Seba, a Swiss crypto-bank which mainly made headlines in a banking-blog for having used investor’s money for some golden toilets in their offices.

Now that the foundation is set up, there is only one thing missing: A good story to get some investor’s money.

So it was an all too convenient coincidence that one month after the foundation was established, the Swiss newspaper “Tages-Anzeiger” published a story that moves you to tears. Here it is, translated with the friendly assistance of DeepL.com:

From refugee to crypto millionaire

Dadvan Yousuf came to Switzerland from Iraq as a child and is now a multimillionaire at the age of 20. Now he wants to shake up the market with his own cryptocurrency.

No, Dadvan Yousuf is not a typical nerd from the crypto scene. The young man appears self-confident, wears selected clothes and sneakers, and is briefly worried that his hairstyle might not be right for the photo. Nor does the 20-year-old work from his nursery or an overlooked garage. He has taken up residence at Zurich’s posh Dolder Grand hotel, and freely tells us that he appreciates the good food and spa treatments there. And that he wants to change the world. But more on that later.

Dadvan Yousuf was born in 2000 in the Kurdish part of Iraq. Three years later, he came to Bernese Seeland with his mother and two older brothers. The father had already gone ahead to work in order to finance the family’s escape. The Yousufs are taken in temporarily in Switzerland.

Dadvan Yousuf first heard about the digital currency Bitcoin when he was eleven. The tech-savvy boy was fascinated by the idea of sending money so quickly and easily over the Internet. Yousuf sold some of his toys in the neighborhood to buy his first Bitcoins. He still owns some of the cryptocurrency’s coins. He shows a transaction log from back then to buy 10 Bitcoins. Price at the time: 15 euros. Today’s value: almost 600,000 francs.

The algorithm trades for him

Since then, Yousuf has been trading cryptocurrencies on popular platforms. Three years ago, he began to automate trading: With the help of programmers, he developed software that independently buys and sells cryptocurrencies for him and trades crypto futures. Yousuf wants to transfer to the digital currency market what professional traders have been doing on classic stock exchanges for decades: his algorithm analyzes price trends and uses them to make forecasts for the future.

At the same time, Dadvan Yousuf is doing a commercial apprenticeship at the Swiss Federal Institute of Technology in Zollikofen. In the course of the Bitcoin boom last year, he becomes a multiple millionaire. Because he has a foreigner’s identity card B, he does not have to fill out a tax return with his low salary. The taxes are deducted from his salary immediately. But what about his assets? “Suddenly I was afraid that I would be liable to prosecution. That’s why I called the tax authorities.”

The Bernese tax officials were initially quite overwhelmed with the young caller who wanted to pay tax on his Bitcoins, he says. But capital gains from non-professional traders are not considered income in this country and are tax-free. Accordingly, Yousuf now only has to pay wealth tax on his crypto investments.

Is all this possible? Is someone here concocting a story that is too good to be true? Yousuf gives insight into his crypto wealth: it is now so much that he would never have to work again. “I come from the bottom, we lived in a mud house in the pampas of Kurdistan. When you grow up like that, you have the urge to never go back there,” he says. So he wants to use his fortune to give his parents and his now seven siblings a good life. And he wants to turn some of it into “concrete gold” and invest in residential real estate in the Zurich region.

Does he not quite trust Bitcoin and Co. himself either? “You shouldn’t invest your entire fortune in cryptocurrencies,” Yousuf says. “Many of the cryptocurrencies have no raison d’être and will fall again.” Isn’t the whole bitcoin trend simply a huge bubble? “Even those who buy stocks are betting on the future,” the young man parries. With his algorithm, Dadvan Yousuf now has big plans: He wants to launch his own cryptocurrency. It is called Dohrnii and is named after a type of jellyfish that is immortal.

Unlike other cryptocurrencies, Dohrnii coins are supposed to have a value behind them. Thus, he wants to raise at least 50 million euros with the initial sale of coins.

The platform behind Dohrnii will then invest this money in other cryptocurrencies according to Yousuf’s algorithm.

Everyone should be able to invest

Thanks to the hoped-for trading success, the Dohrnii coin should increase in value faster than other cryptocurrencies. “The platform actually does what investment advisors usually do for clients of private banks,” Yousuf says. But in his project, there is to be no entry threshold; people are to be able to participate with any amount. It is the world’s first platform where anyone can invest in cryptocurrencies using artificial intelligence.

Yousuf is definitely also betting on profiting from the current crypto hype. For example, the Dohrnii algorithm recognizes when large crypto platforms announce that they will be adding an additional cryptocurrency to their trading. “Within milliseconds, we then buy the corresponding currency on another platform – before the masses stock up on it and the price rises.”

How good the algorithm behind Dohrnii really is remains to be seen – because it remains secret for competitive reasons. What’s more, those who criticize the fact that there are no central banks with real assets behind cryptocurrencies will also distrust the Dohrnii coin, which is backed by a bundle of other cryptocurrencies.

Apprentice and employer at the same time

Already, Yousuf has established the non-profit Dohrnii Foundation, based in Zug, and endowed it with 200,000 francs in capital, according to the foundation’s charter. The lawyer present at the foundation said he was probably the youngest founder of a foundation in Switzerland, Yousuf recalls.

Will the founder also profit if the new coin is a success? Like others, he will participate in the pre-sale of Dohrnii, Yousuf says. “It shows that I believe in the idea and am investing my own money.”

He has already hired 12 employees for the project, in Switzerland, Germany, France and the United Kingdom. “Now I have to register employees with AHV while I’m still in apprenticeship myself.” The final apprenticeship exams are coming up soon. Dadvan Yousuf is confident that he will pass them.

 

Wow. What a story! Since it first has been published, even newspapers all over the world have written about Dadvan. Not one single journalist asked the relevant questions, though.

 

The big Holes in the big Story

Let’s now look at some of the claims and see if they really stand a reality-check…

Claim:

Dadvan Yousuf first heard about the digital currency Bitcoin when he was eleven. The tech-savvy boy was fascinated by the idea of sending money so quickly and easily over the Internet. Yousuf sold some of his toys in the neighborhood to buy his first Bitcoins. He still owns some of the cryptocurrency’s coins. He shows a transaction log from back then to buy 10 Bitcoins.

Although this sounds nice and heart-warming, it leaves some holes in the story. Imagine: Dadvan, selling his toys on the street. A refugee having so many toys that he sells them and makes money? Okay, possible. However: The strongest party in Ipsach where he was living then is the right wing Swiss People’s Party. So it takes quite some guts for a refugee boy to walk around and try to sell his toys. But how much money did he make? 15 Euros? In a story published later, he claims that he made 300 Swiss Francs and even got some cash for nothing from random people on the street. Is this credible? Not so much, but could be.

So then he bought Bitcoin.

Few of you were in the Bitcoin world in 2011, so let’s see how difficult this was. Especially for an 11 year old boy, living in Switzerland since eight years, dealing with the difficulty to not only learn Swiss-German, but also German. And, obviously, he was smart enough to learn in all those years English on his own, too.

Did he have his own Bitcoin wallet? Most likely not. According to the price he mentions in other stories, he bought Bitcoin at a time when the core-wallet only existed as a command-line tool. Even some experienced programmers had sometimes difficulties to run it on their machines. So how did he buy Bitcoin then?

In a story published by the Swiss tabloid “Blick”, he repeats his story and explains:

Yousuf grows up in a social housing in Ipsach BE. The family has almost no money – not even to support his grandmother in Iraq during an operation. Yousuf wants to get out of this situation. He searches for solutions on the Internet, googling “What’s better than banks?” and “New money”. By chance, he comes across a forum for Bitcoins. At first, he only understands that it can be used to send money quickly. And that he needs a credit card to do so.

The eleven-year-old decides to sell all his toys on the street in the neighborhood. “Sometimes people would just give me another 50 note.” He gives the cash he earns to his father and in return – after discussions – gets his credit card.

Yousuf still buys bitcoins worth 300 francs as an eleven-year-old in 2011. But then comes the next problem: How should he send the money to Iraq? After intensive research, he finally gives up reluctantly. He regrets having wasted the money. “I thought that was the biggest mistake of my life,” says the young Bernese.

So instead of 15 Euros, he has now 300 Swiss Francs. And obviously, he bought Bitcoin on an exchange.

Which Bitcoin exchange existed back then? Right: MtGox. But Dadvan clearly states: “And that he needs a credit card“. And: “He gives the cash he earns to his father and in return gets his credit card.”

So he claims to have bought Bitcoin with a credit card. Fine. Let’s see what MtGox wrote in 2011 (and in the years to come):

So no credit card option.

And in their FAQ, they made it clear:

No credit cards. None. Nada. Njet. Zip.

Other exchanges like VirWox or Tradehill also didn’t accept credit card payments.

So how did wunderkind Dadvan buy Bitcoin? Nobody knows. It is a mystery. Especially his claim that he left the coins on the exchange for a year and then realized that his 300 Swiss Francs turned into 11,000.00 would implie that it must have been MtGox.

 

Claim:

Since then, Yousuf has been trading cryptocurrencies on popular platforms.

His LinkedIn-profile seems to confirm this:

So on LinkedIn, he claims to have traded on MtGox since 2013. So does this mean he didn’t use MtGox in 2011? No. MtGox was the first xchange. There was another one, BitcoinMarket. But it was an exchange between people who were invited to use it. And he couldn’t have left his coins there for a year.

However, let’s not splitting hair. He claims now that he traded on MtGox from 2013 until today. How? February 7, 2014, MtGox stopped trading. 850,000 Bitcoin were lost, thousands of Bitcoin owners lost all of their funds. Dadvan? He, obviously, withdrew all of his Bitcoin just in time. Otherwise, he would have lost them. Or, alternatively, he just tells bullshit.

Now it is easy for him to show proof:

1. If he was a client of MtGox at this time and lost some Bitcoin, he would then be on the list of the participants in the bankruptcy proceedings or in the list of participants of the civil rehabilitation proceedings.
2. If he is not on the list, he withdrew his coins just in time to his wallet. This should enable him to show the transactions from back then.

But well, he then started in October 2014 forex trading with the company “Forex Trading International, Inc.”, a company with an address in Nevada, USA, but being located in Kiev, Ukraine. Dadvan says he still trades with them.

This seems odd. In October 2014, they already had started to wind down their Forex-business, and in February 2015, only four months after he claims to have started trading with them, they wrote:

The Company’s principal business activities have been to engage in foreign currency market trading for non-US resident professionals and retail clients over its web-based trading systems. While these trading operations have been closed […]

So unless he can put some evidence on the table, this claim is bullshit, too.

Then he became what he calls a “Full time Senior Crypto Trader”, first (July 2015) with Kraken, then with Coinbase (December 2015) and finally with Binance (November 2017).

Now that’s interesting. 2015, Dadvan was 15 years old. A minor.

All of the exchanges wanted to get an age verification. So how did Dadvan get these accounts to become a professional trader? There are several possibilities:

1. All three exchanges didn’t care. Very unlikely.
2. Dadvan lied to them and forged documents. Which would him put on a tremendous risk: Switzerland has, for refugees, a one-strike-policy. Forging documents is a crime. So he would run the risk to be thrown out of the country with his family.
3. He used, again, his father’s ID and credit card. Let’s say he did this, which would be the most reasonable way to go. Then, legally speaking, his father would have been the owner of the accounts. And the owner of the profits. However, the family, as described by Dadvan, was poor. So poor, that they once even were evicted from their apartment, while the father had millions on his accounts. And, due to the professional nature of the business, the father would have to file the crypto currencies on his tax declaration. Most probably, he did not. So this leaves Dadvan’s father with two legal problems: Social welfare fraud and tax fraud. Although Dadvan claims that he paid back welfare to the government: It still would be a crime he or his father committed. And tax-fraud still would be on the plate.

Claim:

Three years ago, he began to automate trading: With the help of programmers, he developed software that independently buys and sells cryptocurrencies for him and trades crypto futures. Yousuf wants to transfer to the digital currency market what professional traders have been doing on classic stock exchanges for decades: his algorithm analyzes price trends and uses them to make forecasts for the future.

So this is a classical trading bot. He should be able to show the source code. He claims in several news outlet that he wants people to be able to use this bot. So why not make it opensource?

Claim:

With his algorithm, Dadvan Yousuf now has big plans: He wants to launch his own cryptocurrency. It is called Dohrnii and is named after a type of jellyfish that is immortal. Unlike other cryptocurrencies, Dohrnii coins are supposed to have a value behind them. Thus, he wants to raise at least 50 million euros with the initial sale of coins. The platform behind Dohrnii will then invest this money in other cryptocurrencies according to Yousuf’s algorithm.

There’s so much bullshit in this claim, that it is covered in the section about his foundation later on.

There’s a lot more of his claims that can easily be debunked as bullshit. However, let’s move on to his foundation and the people behind it.

 

A dazzling Team

The most worrisome part of the story of Dadvan is being revealed when you start investigating his foundation.

Two whitepapers exist for Dohrnii: One was written on January 18, 2021, before the foundation was even established. The second whitepaper dates from November 4, 2021.

The main difference between the two whitepapers: The first one has team members listed, the second hasn’t.

So let’s look at who we are dealing with.

First of all, there is Dadvan Yousuf as founder and CEO.  No more words are needed on him. Then comes a certain Thomas Bardawil as Chief Operating Officer of Dohrnii. They write about him: “Thomas is an investor and technology expert. His past experience includes leading teams, strategy, revenue, product development, and relationships with key clients for a Silicon Valley based venture capitalist. Thomas has extensive experience with fintech companies as well as in the crypto space, having been an investor in several unicorns and buying his first BTC in 2012.” Well, all of this sounds marvelous. But trying to find anything about him in connection with crypto or Bitcoin doesn’t yield any result (except when he’s mentioned in connection with Dohrnii.)

So let’s go to number 3 in the list: Michael Gehlert, acting as Dohrnii’s “Senior Business Relationship Manager” since before the foundation was even established. This indicates that he plays an important role within the foundation.

Gehlert is, at least in Europe, not unknown. The blog krypto-x.biz wrote about him in a warning of – tadaa – the PlusToken scam:

Another person who more than actively and aggressively promotes the Plus Token with completely irrational statements and promises – and who particularly caught my eye negatively in this context – is a certain Michael Gehlert from Aschaffenburg, who calls himself an alleged “IT forensic expert”. However, his professional profile – his vita – on business sites like XING rather gives the impression of a failed, disoriented MultiLevelMarketing (MLM) salesman with a questionable background, without a fixed or well-founded work and professional environment and without a corresponding position or employment. Likewise without a sound education or provable expertise in this context. On the contrary, he gives the impression, for example, of working for a law firm (Fenderl & Dietrich) from Aschaffenburg, without this being the case, based on my research. Instead, he currently claims to be CEO of a Rays Network Limited (UK) with an alleged RAYS Network STO plus token wallet a hybrid blockchain, whatever that is supposed to be. Well-founded and serious it certainly is not! According to the UK trade register, he is also not the CEO at all, but this is a dubious Pole who mainly shines with photos of his free upper body on Facebook.

And remember the Wikipedia-article about PlusToken: ” “PlusToken started in April 2018.” At this time, according to his own statement, Gehlert got first time in contact with this scheme. Which seems odd But Gehlert had the perfect explanation: He was a professional (in whatever). But while many newspapers and experts warned that PlusToken is a scam, Gehlert wrote before the guys ran off: “It should also be clarified that the comparison with Ponzi or Ponzi schemes is misrepresented and INCORRECT.”

Today, there is no trace of his involvment with PlusToken in any of his many sites anymore. But on Twitter, he promotes “Dohrnii & Pi.Network”, labeling himself as “Dohrnii Foundation German Ambassador of Pi Network, convinced advocate of decentralism (initial basic idea of blockchain and cryptocurrency)“.

This makes it sound as if Dohrnii and Pi.Network are one and the same thing.

The Pi.Network with its coin is basically – again – a MLM-scheme. Last December, Viet Nam News wrote: “Pi Network continues to attract users despite concerns of fraud” and continued: “Pi Network, said to be developed by two Standford University PhDs, is a free mobile phone mining project that appeared in mid-2018. This crypto-mining app became popular among Vietnamese users in 2020, with the hope that Pi could become the “next Bitcoin” and users will be billionaires when Pi is circulated widely and the price increases.

However, Pi is also a controversial project, as many crypto and blockchain experts have warned about the suspicious activities of the Pi Network. Experts say that Pi has no core technology but is essentially an application that collects user information.”.

So Gehlert promoted PlusToken – one of the biggest scams in the history of crypto currencies. Now he promotes the “Pi.Network” – a non-crypto-coin which many say it is basically a MLM-scam. Additionally, he is advisor to “MyLottoCoin”, a shady project which first was launched 2018, disappeared and resurrected now.

To summarize: Gehlert is, to say it politely, a person with a more than dubious reputation. If Dadvan really is in the crypto business since 2011, he should have stumbled upon him. Or at least, he should have done some proper research about him. Having him on the boat always will connect any project to PlusToken. Now given the fact that Dadvan’s whole story is full of contradictions and illogical claims, the suspicion may rise that Gehlert was deeper involved in PlusToken and the funds Dadvan is proudly presenting originate from the coins stolen and still not recovered. The only way this suspicion could be removed would be transparency. The people of the Dohrnii Foundation have had enough time for that so far. Instead, when it comes to transparency: nothing.

Keep in mind what Dohrnii wants to establish: Create tailored smart notification push, no-code algorithms based on trigger events, track and monitor projects using AI tools, AI market analysis based on specific indicators, copy or adapt the investment strategy of successful investors. A lot of cryptic blahblahblah, right? As with PlusToken, you will have a lot of possibilities, and, of course, Artificial Intelligence is something you don’t want to miss, right?  One would think that you are in need of a highly tech-savvy team. Here we go:

• Angelo Musio: Technical Lead. So he surely is an expert in crypto. And blockchain technology. And artificial intelligence. Shouldn’t he? Well, not when working for Dohrnii. According to LinkedIn, Musio worked the last 20 years for the Swiss Railway System. His last job there: Head supply chain management systems.
• Uwe Seeske: Teaching Officer. On LinkedIn, he claims to be “Enterprise and Blockchain Solution Architect”. Wow. Sounds great. But that’s about it. In his work experience, nothing regarding Blockchain or Crypto can be found. Integration of Skype systems? Yes. Blockchain? Nope.
• Akash Thikavaran: Core Developer. As a core developer, he, sure, is an expert on AI. Crypto. Blockchain. Smart contracts. Right? Well. Hm. Let’s see: He learned the job of an insurance broker and worked in this field from 2018 to 2021. That’s it. That makes him a core dev for Dohrnii.
• Giulian Musio: Project Manager. Well… from 2015 to 2018, he worked Swiss Council for Accident Prevention in the administration department. And claims to be a full-time crypto-trader since 2018 with Binance where he, according to his CV, had some kind of education in 2020. What education? The gods may know…
• Armin Cenanovic: Project Manager. He also claims to be photographer. And graphic designer. Before that? In his CV, he was a waiter. And a tour-guide. And working in call centers. Perfect when you have to deal with angry people who lost all their money.

So yes: It isn’t really astonishing that Dadvan erased all those people from the second version of the business plan and leaves only himself on his homepage and some advisors.

 

Knights of the coconut

In the advisory team, there are, indeed, some names to be found which are known in the world of Crypto. Yanislav Malahov, for example, indeed is the self-proclaimed Godfather of Ethereum mand coded the first Doge-coin wallet. Then there’s André Hugener, the legal advisor. One would assume that you hire one of the best lawyers available when it comes to a multi-million-project. But not so with Dohrnii. Hugener, indeed, made his Master of Laws at the university of the Swiss town Fribourg. He did this while being owner and manager at the company “Hugener Informatik”, a small company which sells burglar alarms as well as some computer parts. In a different league plays Alain Maître, founder and managing partner of the company Pizzaconnexion (it is really worth to visit their homepage. Believe me!) and the company Blue Trade Systems which has a rather ambiguous mission: “We are building SEGMENT, the quantic blockchain”. Well, we wait for it…

Finally, there’s Christian Marcel Ott as Blockchain advisor on the roster. Ott is co-founder and CEO of “CAM schweiz AG”, a crypto asset manager and member of the board of the company “Crowdlitoken”.

At least the Crowdlitoken-connection is rather interesting. The company is is an online real estate crowdfunding platform, and a certain Hans Kuhn is one of the more prominent members of the board of directors. On the homepage of “Digital Assets Legal Advisors” where he is a partner, they write about him:

“Prior joining a private practice in 2014, Dr. Kuhn served as chief legal counsel for the Swiss National Bank (the central bank of Switzerland) for more than 13 years. […] Dr. Kuhn works on blockchain legislation with governments in both Switzerland and Liechtenstein and is a co-founder of Yapeal, a Swiss neo bank project, where he is chairman of the Board. He additionally sits as a member of the Board at Crowdlitoken, a DLT-based company which allows for direct and indirect investments in real estate.”

The real estate angle sounds rather interesting. Dadvan, the boy who became billionaire out of nothing, declared in a TV-piece that he wants the real estate market to become available for everyone. His friend Patrick Roth, who helped him establish the foundation, is in real estate. And since some weeks, Dadvan is invested in Crowdlitoken and became its CEO.

Which leads to a funny situation when we look at Dadvan’s CV on LinkedIn: He claims to work full time for the following companies:

• Crowdlitoken
• Crowdli
• Dohrnii
• Binance
• Coinbase
• Kraken

Now talking again about Hans Kuhn: On his lawfirm’s homepage, there is one piece missing: He is a member of the board of the Swiss Seba-Bank – the one with the golden toilets.

Dadvan lives not in an ordinary apartment, but in the lush Grand Hotel Dolder in Zurich. This hotel is owned by the company “Dolder Hotel AG”. It’s president of the board is Guy Schwarzenbach who is also on the board of Seba-Bank – the one with the golden toilets.

The biggest crypto company in Switzerland is Bitcoin Swiss. The first crypto bank in Switzerland is Sygnum Bank. But many of the Dohrnii-guys show on their LinkedIn-profile interest in Seba-Bank.

This may be a coincidence. However, it seems unlikely that Crowdlitoken-Kuhn is dealing with Dadvan without trying to onboard him with Seba-Bank. Which could lead to some substantial problems for the bank.

As outlined above: There are many weird things going on around Dadvan and his Dohrnii-Foundation. Each and every investor should be alerted. The main question: Where do Dadvan’s crypto assets come from. It would be easy to answer for him. But until now, he never showed any proof that he got the first of them when he was 11 years old. He showed no proof of his trading. He showed no proof that he programmed a trading bot. He showed no that his coins have a legal background. No newspaper ever asked any critical question – the story about the poor refugee boy going billionaire seems to be to good for them and can’t be spoiled with facts.

Meanwhile, the Dohrnii-foundation has collected millions from investors. With Crowdlitoken, Dadvan has entered the world of serious money. The foundation is supervised by the Swiss Government which seems to be sleeping. The whole story which looks so weird has maybe become too big to fail. Or maybe, it became so big that, once it fails, the whole Bitcoin and Crypto-economy will be shaken.

Let’s hope Dadvan produces facts instead of nice stories which are obviously intended to sell the Dohrnii-foundation’s coin.