The Chinese e-commerce conglomerate Alibaba filed a trademark lawsuit against a Dubai-based crypto company which allegedly used its name in order to raise over $3.5 million in a cryptocurrency called Alibabacoins, BBC reported on Tuesday.
The Chinese giant accused the crypto firm known as the Alibabacoin Foundations of using Alibaba’s trademarks in a “prominent, repeated, and intentionally misleading” way. The company led by Jack Ma added that the name of the cryptocoin is intended to lead people into falsely believing that it has something to do with Alibaba.
A district court judge in the United States already issued a temporary restraining order against the crypto firm and gave it a one-week deadline to respond to the accusations before making further moves.
