Alibaba (TIKER: BABA.NYSE) 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