Alibaba Files Trademark Lawsuit Against Alibabacoin

Alibaba Group Holding Ltd. has filed a trademark lawsuit against Alibabacoin Foundation, a Dubai-based firm that raised over US$3.5 million through its initial coin offering.

Alibabacoin Accused of Misleading Consumers in Lawsuit Filed by Alibaba

In a complaint filed in USDistrict Court in Manhattan, the Chinese e-commerce multinational with a market cap of $424 billion, claims that Alibabacoin Foundation’s prominent, repeated, and intentionally misleading use of its trademarks is intended to confuse consumers and investors to think Alibabacoin is affiliated with or endorsed by Alibaba, according to Reuters.The company behind Alibabacoin has not responded to requests for comment.

Alibaba accuses Alibabacoin of using its single-minded focus to capitalize on plaintiffs reputation for success by using its trademarks without alteration, in countless instances to sellits digital assets.US District Judge Kimba Wood has already issued a temporary restraining order which requires Alibabacoin to explain its behavior and why it is not guilty ascharged. The company will have its say on April 11.

The lawsuit seeks compensatory, punitive and triple damages for alleged violations of federal and New York law, plus a halt to alleged further infringements. Like many other companies, Alibaba uses litigation methods to protect its trademark againstimproper efforts to trade off its reputation.

The complaintadded that Alibaba has repeatedly stated that it is not interested in moving into the cryptocurrency space. Confusion over its role has spread through media, however, and Alibabacoin has done nothing to combat or correct this confusion.

Alibabacoin Foundation has promoted the initial coin offering of ABBC, a technology optimized for distribution, finance, shopping, and security, using blockchain. The ICO was stopped at round 2 of a 6-stage crowdsale. At this stage, eachABBC was being sold for0.00027273 BTC, or $2.

The cryptocurrency developer is scheduled to release its multi-crypto wallet in June 2018 and the implementation of facial recognition on the wallet in July 2018. Alibabacoin Foundation would start ABBC blockchain miner sales in August and upgrade the facial recognition data blockchain-formation in September.

Other events planned for 2018 include the launch of ABBCShoppingmall, the launch of PC Wallet and ABBC payment solution, and to be listed in at least 15 exchanges.The launch of its ABBCexchange site is scheduled for Q2 2019. It is unclear whether the lawsuit will affect the operations of the company and its schedule.

Alibaba shares are priced at $176 on the New York Stock Exchange. The steady uptrend from $60 since February 2016 gave away to a ranging market since early 2018. The market failed to break the $200 barrier consistently.

Image Courtesy of Shutterstock

The post Alibaba Files Trademark Lawsuit Against Alibabacoin appeared first on NewsBTC.

03.04.2018 / 10:45 78
Alibaba Payment Affiliate Rules Out ICO Fundraising Alibaba Payment Affiliate Rules Out ICO
Ant Financial Services Group, Alibaba's payment affiliate and operator of AliPay, has taken a critical stance over initial coin offerings (ICOs).
Federal Trade Commission Files Lawsuit, Targets ‘Deceptive Cryptocurrency Schemes’ Federal Trade Commission Files Lawsuit,
The FTC has filed a lawsuit against two companies that have reportedly defrauded somewhere around 30,000 people worldwide, affirming their intent to
Alibabacoin Alibabacoin
Alibabacoin Foundation is a group of young global developers eager to create a momentum in the blockchain industry. The team has facial recognition
Bitcoin Exchange Coinbase Faces Consumer Class-Action Complaint Bitcoin Exchange Coinbase Faces
The cryptocurrency exchange is in hot water again, exacerbating an already tenuous relationship with users. A class action lawsuit was filed against
Coinbase Hit by Lawsuit Over Alleged Insider Trading Coinbase Hit by Lawsuit Over Alleged
Cryptocurrency exchange Coinbase has been hit by a class action lawsuit over alleged insider trading during its launch of bitcoin cash. According to
Coinbase User Files Class Action Against Company, Claims Insider BCH Trading Coinbase User Files Class Action
A US Coinbase user has filed a class action lawsuit against Coinbase, accusing the platform of insider non-public data disclosure regarding Bitcoin
Comments (0)
Add a comment
Comment on