Chinese trading company Alibaba has filed a petition in Manhattan District Court for an injunction against the company's unlawful use of the name Alibabacoin.
Judge Paul Oetken did not grant the request due to lack of proper justification. The decision in Alibaba Group Holdings Ltd. v. Alibabacoin Foundation was decided on April 30, 2018.
The court finds that the plaintiff did not provide valid reasons for suspending Alibabacoin's activities. According to the judge, even if Alibabacoin operated in America rather than Dubai, the court's decision would not have changed. Judge Oetken also reversed another judge's decision on April 2 to impose a temporary injunction against Alibabacoin.
Defendant argues that it did not intend to use the reputation of a Chinese trading company to promote its cryptocurrency activities, making claims of trademark infringement unfounded.
Alibaba Group's first lawsuit against Alibabacoin was filed on April 2, 2018. The plaintiff accused the defendant of using a trademark to which the plaintiff had exclusive ownership rights. In particular, the accusation was based on the fact that the CEO of the Alibabacoin Foundation, in one of his public statements, called his company Alibaba, not Alibabacoin, although he immediately corrected himself.
It was alleged that the defendant deliberately named his company so as to create the impression that Alibaba Group had entered the cryptocurrency market. The company also claims that Alibabacoin illegally raised $3.5 million from investors at the expense of Alibaba Group's reputation. However, in Alibabacoin's technical documentation there is no mention of the Alibaba Group, and the name Alibaba Group was not used when promoting the ICO.
In an interview, Alibabacoin CEO Jason Daniel Paul Philippe refused to comment on whether his company is in any way connected with Alibaba.
According to https://btcmanager.com
You May Also Like
Burstcoin developers carried out a cryptocurrency transaction without the Internet
Burstcoin developer Daniel Jones announced that he was able to complete a blockchain transaction without access to electricity or the Internet. On September 15, 2018, he published a post on Twitter in which he stated that he had carried out a blockchain transaction over a solar-powered radio.
They tried to sell Pegasus for $50 million in anonymous cryptocurrencies
One of the top programmers at NSO Group, the Israeli firm behind the Pegasus iPhone virus, has been arrested for trying to illegally sell top-secret spyware on the dark web for $50 million in cryptocurrency.
