Alibaba Group filed for Alibabacoin in court because of the name
alibabacoinchinadubai·@pashadat·
0.000 HBDAlibaba Group filed for Alibabacoin in court because of the name
The Chinese giant of Internet trading Alibaba Group sued the Dubai fund Alibabacoin Foundation for the fact that the latter, according to the plaintiff, misleads the public with its name. The lawsuit that Alibaba Group filed in the US, there are accusations that the fund deliberately misleads the public, constantly using the Alibaba Group's trademark and "focusing on it." Reuters reported that the company filed a lawsuit in the District Court of Manhattan. Having started the proceedings, Judge Kimba Wood issued an interim injunction and ruled that on 11 April the Alibabacoin fund should explain why he should be allowed to use this name with impunity. The purpose of the trial is to prevent further violations and to compensate Alibaba for damages due to alleged violations of US and New York state laws. Alibaba accuses Alibabacoin of "a clear desire to cash in on the reputation of the plaintiff." So, due to the repeated use of the trademark without changes, the defendant managed to attract investments: Alibabacoin issued the same digital currency and distributed it through the ICO, collecting more than $ 3.5 million. Earlier, Alibaba stated that it did not intend to deal with crypto-currencies. Sales of Alibabacoin caused confusion of confusion on the Internet and the media. According to the plaintiff, the Dubai company "did nothing to avoid it." Reuters failed to get comments from Alibabacoin, and lawyers defending the interests of the company also did not respond to the agency's requests. On March 26, representatives of the Alibabacoin Foundation announced to FinanceMagnates that they have no "relations, links, agreements, contacts or contracts with Alibaba.com". Representatives of the fund explained that he legally works in Dubai and in Belarus, and rejected any accusations of fraudulent use of the name of the Chinese giant.