2018-10-29 17:59 |
Jack Ma’s conglomerate Alibaba, one of the global leaders in e-commerce, won a preliminary trademark injunction against AlibabaCoin, a cryptocurrency firm based in Dubai and Belarus that offers a cryptocurrency of the same name, according to The Wall Street Journal.
The Chinese e-commerce giant is accusing the crypto firm of using the popularity of its brand name to promote the latter’s token. While both firms share the name Alibaba, the two companies are separate entities with different owners and have no affiliation whatsoever.
Preliminary Injunction Prevents AlibabaCoin PromotionDuring the trademark infringement case’s hearing on October 22, 2018, the U.S. District Court for the Southern District of New York sided with the Chinese conglomerate and Alibaba obtained a preliminary injunction against AlibabaCoin Foundation, according to a report by the financial website MarketWatch.
In his 15-page ruling, Judge James Paul Oetken concluded that the similarity of the two brands’ names has created brand confusion among consumers and wrote that:
“The record contains evidence that consumer confusion is actually occurring.”
With the injunction, AlibabaCoin – the crypto firm – is prohibited from using “ALIBABA Marks” anywhere in the United States. These include:
“Any words, terms, designations, marks, or designs—as well as any mark, image, or depiction that is confusingly similar to or likely to impair the distinctiveness of the ALIBABA Marks.”
AlibabaCoin Price PlummetsThe injunction is predicted to have a negative impact on the AlibabaCoin cryptocurrency as it can no longer be promoted using its name in the U.S. until the trademark infringement case is decided, according to The Wall Street Journal.
When news of the injunction broke out on October 24, 2018, the coin plunged to as low as $0.3195, which was less than half of its previous day’s price of around $0.70 based on data from CoinMarketCap. The coin’s price is yet to recover and is currently trading in the $0.41-$0.42 range.
Alibaba Wins Preliminary Trademark Injunction, AlibabaCoin Plunges was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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