Alibaba Group powerless against Alibaba Coin: Not 1 thief could be found
Alibaba Group has always been famous for being a Chinese multinational e-commerce, retail, Internet, AI, and technology conglomerate.
Not so long ago, a new Alibaba emerged, but this time it was the Alibaba Coin or ABBC, which is a cryptocurrency company.
ABBC is a technology optimized for distribution, finance, shopping, and security, using blockchain technology.
On its website, ABBC says that it is using a secret technique for implementing the blockchain algorithm into the facial recognition process and it is planning to distribute this service to more than 81 countries.
Where is the Alibaba/Alibaba conflict going?
The battle of the names
When ABBC announced its business, Alibaba Group felt the heat: it filed a lawsuit in April in a U.S. District Court in New York against the Dubai-based ABBC.
In its lawsuit, the Chinese online giant claimed that ABBC hurt Alibaba’s business in the US by intentionally using its trademarks to confuse consumers to think its products are affiliated with or endorsed by Alibaba, according to Reuters, an international news agency.
The lawsuit included a claim that ABBC raised more than $3.5 million in cryptocurrency using Alibaba’s name, Reuters added.
Upon filing the lawsuit, Alibaba Group initially succeeded in securing a temporary restraining order against Alibaba Coin, Reuters said.
Alibaba and not even 1 thief
This week, a U.S judge denied the Chinese Group’s attempt to prevent the Dubai based firm from using a similar name.
Reuters reported that the U.S judge, Judge Paul Oetken, said: “Alibaba did not show he had jurisdiction, having failed to establish a “reasonable probability” that Alibaba Coin’s interactive websites were used to transact business with customers in New York.”
Alibaba is still convinced that ABBC hurt its business, according to Forbes Middle East.
Forbes received a statement from Alibaba’s spokesperson saying that they will be submitting a new motion trying to end “this willful, concerted and unlawful scheme by the ABBC Foundation to exploit Alibaba Group trademarks.”
ABBC’s legal team denied the allegations, saying the word Alibaba does not belong to a certain entity or individual, Forbes reported.
They added that the lawsuit demand “is neither a reasonable or proportionate response to ABBC’s entirely legitimate use of an inherently generic word which emanates not from China, but indeed from the very region in respect of which your client would seek to prohibit its use,” according to Forbes.