The Chinese online retailer giant lead by Jack Ma, Alibaba, has sued a new Dubai-base crypto organization called AlibabaCoin for using it’s trademarked name. Alibabacoin came to attention last month as they emerged onto the cryptocurrency scene with an ICO crowdsale. The similarity in names has caused a bit of confusion, which Alibaba states Alibabacoin is profiting off the mix up.
The Alibabacoin Foundation describes its product as a technology optimized for distribution, finance, shopping, and security using blockchain technology.
The Alibabacoin foundation held their ICO in mid March of this year and apparently raised $3.5 million in the sale of their Alibabacoins.
A complaint was filed recently in US District Court in Manhattan by the Alibaba Group Holding Ltd where they stated Alibabacoin’s prominent, repeated, and intentionally misleading use of its trademark is designed to confuse consumers to think its products are affiliated or endorsed by Jack Ma’s Alibaba company.
Shortly after the complaint was filed, proceeding judge U.S. District Judge Kimba Wood has issued a temporary restraining order that gives Alibabacoin the deadline of April 11th to explain why it should not be enjoined from further alleged infringements. The lawsuit seeks a halt to alleged further infringements, plus compensatory, punitive and triple damages for alleged violations of federal and New York law.
All though the name Ali Baba (Arabic slang for bad guy) is a character from an old Arabian folk tale, Ali Baba and the Forty Thieves, the name has in fact been trademarked by the Chinese AliBaba group to conduct business under.
Alibabacoin nor its law firm immediately responded to requests for comments regarding the lawsuit.