Alibaba vs Alibabacoin; The Chinese Giant Wins Preliminary Injunction Against this Crypto
Alibaba, the Chinese e-commerce giant, has won a preliminary injunction against Alibabacoin (ABBC). The problem started with these two companies about the name they have.
In the filing presented in October, Alibaba said that they believe the cryptocurrency firm published promotional material using its trademarks with the intention to be aligned with the Chinese conglomerate. In this way, ABBC was able to raise over $3.5 million dollars in an Initial Coin Offering (ICO).
The Judge in charge of this case, Paul Oetken, explained that renewed application for a preliminary injection is granted. He then said that ‘enjoins defendants from using the ALIBABA Marks.’ This includes words, terms, designations, designs or depiction similar to the ALIBABA Marks in the United States.
In the lawsuit, there are several defendants that include the Alibabacoin Foundation, ABBC Block Chain IT Solutions LLC; Alibabacoin General Trading FZE, and the Alibabacoin Foundation LLC. Moreover, the founders of the ABBC company, Jason Daniel Paul Philip and Hasan Abbas, have also been mentioned in the lawsuit.
Alibabacoin is a virtual currency and blockchain network that would be using artificial intelligence techniques for image recognition. The main intention is to identify people and individuals in the most accurate way as possible.
According to CoinMarketCap, ABBC is one of the least known virtual currencies in the market. Indeed, it is the number 1697 in terms of market capitalization. It has a market cap of $1.9 million dollars and each coin can be purchased for around $0.7 dollars.
Alibaba is one of the most important companies all over the world. The company has a market capitalization of $365 billion dollars, more than three times the total size of Bitcoin and one and a half times the size of the whole virtual currency market.