International Finance

Alibaba sues Alibabacoin over trademark infringement

Alibaba, Alibabacoin Foundation, cryptocurrency, trademark infringement, blockchain technology, New York law, Dubai, Chinese online retailer
The filed lawsuit seeks to end further infringement in addition to ‘compensatory, punitive and triple damages’ for defying federal and New York law

Chinese multinational online retailer Alibaba Group Holding has filed a complaint against Dubai-based blockchain firm Alibabacoin on Monday.

Alibabacoin is accused of its ‘single-minded focus to capitalise on plaintiff’s reputation for success’. The company said Alibabacoin Foundation’s ‘prominent, repeated, and intentionally misleading’ establishment of trademarks seek to make consumers believe their products are associated with the retailer giant.

The compliant said despite Alibaba’s dismissal that ‘it is not interested in moving into the cryptocurrency space’, uncertainty was spread through media and Alibabacoin has ‘done nothing to combat or correct this confusion’.

A report on South China Morning Post reads: “Hours after the lawsuit was filed, US District Judge Kimba Wood issued a temporary restraining order directing Alibabacoin to explain on April 11 why it should not be enjoined from further alleged infringements.”

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