China’s Alibaba sues “Alibabacoin”

China’s Alibaba sues “Alibabacoin”

Chinese giant electronic Commerce Alibaba has filed a lawsuit against the founders of the cryptocurrency called “Alibabacoin”, claiming that the project violates its trademark rights.

The company filed a lawsuit in the southern district of new York, USA. Representatives of Alibaba believe that the defendants used the company’s brand to attract $ 3.5 million through the ICO.

Instead of having to create some kind of value or a product under its own brand, the defendants decided to use the brand by Alibaba, to make the public and investors to believe that their project is the Chinese company that actually is not true.

U.S. district judge Kimba wood issued a temporary injunction and demanded to Alibabacoin Foundation, which is based in Dubai provided clarification and explained why it should not impose additional sanctions.

Alibaba also stated that several news outlets falsely reported on the relationship between Alibaba and Alibabacoin Foundation. At the same time, in the press release of March 26, the Fund said that “he is not a partner, not entered into any agreements or contracts with Alibaba.com”.

Alibaba wants to get an injunction on the activities of the Fund, and intends to recover from him compensation, the amount of which is not specified.

Complaint by CoinDesk on Scribd

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