Alibaba Sues Alibaba
April 6, 2018
Major Internet trading organization Alibaba Group has filed a complaint against Alibabacoin Foundation as the name of the company from Dubai deceives users with most of them believing the project is a part to Alibaba Group. Alibabacoin has issued a cryptocurrency with the same name and sold it out in ICO to the amount of $3.5 mln.
Lawsuit initiated, justice of the case Kimba Wood has imposed ban on selling cryptocurrency and held that the project has to clarify on April 11, why it may use freely this name.
Alibaba Group used to say earlier, they will not join the cryptocurrency “game”, but rising of Alibabacoin has caused lots of misunderstanding. As Alibaba Group officials has mentioned in the claim, the crypto project has taken no actions to handle the situation.