According to Reuters, Alibaba said in a complaint filed in the US District Court of Manhattan, that Alibabacoin Foundation’s “prominent, repeated, and intentionally misleading” use of its trademarks is designed to confuse consumers to think its products are affiliated with or endorsed by the Chinese online retailer.
A temporary restraining order has been issued by the US court, directing Alibabacoin to explain on April 11 why it should not be enjoined from further alleged infringements. The lawsuit seeks a halt to alleged further infringements, plus compensatory, punitive and triple damages for alleged violations of federal and New York law, Reuters continues.
This action comes in the light of the fact that Alibaba has repeatedly said “it is not interested in moving into the cryptocurrency space,” and Alibabacoin has “done nothing to combat or correct this confusion,” the complaint said.
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