Alibaba Wins A Lawsuit Against Cryptocurrency Firm Alibabacoin
The Chinese e-Commerce giant Alibaba Group has filed a lawsuit in the southern district of New York, which points to a violation of the trademark rules by AlibabaCoin (ABBC). In the application it is alleged that the initial coin offering (ICO) of AlibabaCoin was conducted with the unqualified use of the trademark Alibaba. At the same time, the ICO was not registered by the US financial regulator.
Chinese e-Commerce giant Alibaba Group Holding Limited won a preliminary injunction against the cryptocurrency firm Alibabacoin Foundation.
Currently tokens Alibabacoin (ABBC) is presented on 10 different exchanges: Coinsuper, Coinbene, Dragonex, Idax, Ooobtc, Topbtc, Rightbtc Sistemkoin, Bit-z, Bitforex, and its price is growing fast every day.
According to the company’s page, Alibabacoin’s Blockchain Fund technology “will use artificial intelligence techniques effective for image recognition to identify a person as accurately as possible and effectively use this technique to structure e-wallet payments and financial transactions.”
Cryptocurrency AlibabaCoin or ABBC has a market value of $ 1.9 million and is traded at 71 cents, according to CoinMarketCap. On October 18, 2018, the coin hit a record high of $ 1.63 .