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April 3, 2018
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Alibaba (NYSE: BABA) has filed a complaint in U.S. District Court in Manhattan against a Dubai-based firm for using its trademarked name to raise more than $3.5 million in cryptocurrency known as Alibabacoins, Reuters reported.

The Chinese e-commerce giant said Alibabacoin Foundation’s “prominent, repeated, and intentionally misleading” use of its trademarks is designed to confuse consumers.”

Alibaba accuses Alibabacoin of using its “single-minded focus to capitalize on plaintiff’s reputation for success” by using its trademarks “without alteration, in countless instances” to sell cryptoassets.

The lawsuit seeks a halt to alleged further infringements, plus compensatory, punitive and triple damages for alleged violations of federal and New York law.

The U.S. District Judge Kimba Wood has issued a temporary restraining order, and Alibabacoin, also known as ABBC Foundation, has until April 11 to provide an explanation.

By Siranush Ghazanchyan

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