Jack Ma’s Alibaba sues AlibabaCoin For Using Trademarked Name

 

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.

alibabacoin sued by alibaba

alibabacoin

From Alibabacoin Website




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.



 

Related Posts

You may like these post too

Congress Members Ordered To Disclose Crypto Holdings Over $1000

fsc korea crypto

South Korea Gov’t, Exchanges, and Banks Reaching Solutions

MYTC My Trade Token – A Decentralized Bartering & Trading Ecosystem

South Korea Clarifies Stance On Crypto – Impossible To Shut Down

howeycoins fake ico us gov

US Gov Launches Fake ICO Site To Warn Investors

maduro crypto

Huge Discounts In Venezuelan Cryptocurrency Offering