The Chinese e-commerce giant Alibaba is suing Dubai-based Alibabacoin (ABBC) foundation, the company behind the recently launched Alibabacoin cryptocurrency for alleged trademark violation.
Alibaba filed a lawsuit with the US District Court in Manhattan, New York, on Monday, accusing the creators of Alibabacoin of “prominent, repeated and deliberately misleading” use of its trademark with the intention of confusing consumers to think that the cryptocurrency is related to it, according to reuters report.
Alibaba accused the ABBC foundation of using its “single-minded focus to capitalize on plaintiff’s reputation for success” by using its trademarks “without alteration, in countless instances” to sell its cryptocurrency.
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