Alibaba Sues Alibabacoin Foundation over Trademark
Cryptovest
Published Apr 03, 2018 08:22AM ET
Alibaba Sues Alibabacoin Foundation over Trademark
China’s Alibaba (NYSE:BABA) Group has filed a US lawsuit against Dubai-based Alibabacoin Foundation for confusing the public with the “prominent, repeated, and intentionally misleading” use of its trademark. The e-commerce giant has initiated proceedings in a Manhattan district court, Reuters reported .
Alibabacoin issued a digital currency of the same name and distributed it via an initial coin offering (ICO), raising over $3.5 million.
After the lawsuit was filed, Judge Kimba Wood issued a temporary restraining order (TRO) and set April 11 as the date on which Alibabacoin must explain why it should be allowed to use this name with impunity. The aim of the lawsuit is to prevent further violations and compensate Alibaba for alleged infringements of US and New York State laws.
Alibaba accuses Alibabacoin of “single-minded focus to capitalize on plaintiff’s reputation for success” by benefiting from its trademarks “without alteration, in countless instances” to raise capital from the sale of digital currency.
Alibaba has previously said it has no interest in getting involved with cryptocurrencies. However, the sale of Alibabacoin sparked much confusion that has spread through the online space and media channels. The Dubai-based company has “done nothing to combat or correct this confusion,” the complaint states.
Reuters could not reach Alibabacoin for comments, and the law firm representing the company left without response requests for comment from the news agency.
On March 26, Alibabacoin Foundation told FinanceMagnates that it had no “particular correlation, affiliate, agreement, partnership, nor any contract whatsoever with Alibaba.com.” The organization explained it was legally approved in Dubai and Belarus and rejects any claims that the foundation is a scam looking to profit from the name of the e-commerce giant.
Last year, Alibaba affiliate Ant Financial This article appeared first on Cryptovest
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.