E-COMMERCE giant Alibaba has filed a lawsuit against the founders of “Alibabacoin” which according to Alibaba is infringing on the Chinese company’s Trademark.
The suit was filed on Monday which was submitted through the U.S District Court, Alibaba has said that the crypto had used their known brand in an effort to raise $3.5 million for an ICO.
Alibaba’s lawyers said: “Rather than build independent value in their brand and the products and services they offer, Defendants have engaged in a willful and concerted campaign to cause the public to believe falsely that Alibaba is the source of the Defendants’ products and services, or that such products and services are endorsed or sponsored by, or otherwise associated or affiliated with, Alibaba.”
Alibaba had also claimed multiple news outlets had falsely reported that alibabacoin and Alibaba were connected.
Alibaba stated: “the alibabacoin foundation don’t have any particular correlation, affiliate, agreement, partnership, nor any contract whatsoever with Alibaba.com.”
Alibaba is looking to pursue further legal action by getting an injunction against the foundation in addition to any unspecified damages.