Alibabacoin Wins The First Round Against Alibaba

Alibabacoin vs Alibaba
U.S. District Judge Paul Oetken in Manhattan who is handling the case: "Alibaba Group Holdings Ltd v. Alibabacoin Foundation et al, U.S. District Court, Southern District of New York, No. 18-02897" denied the claims of Jack Ma's companies who were attempting to force the closure of the ICO of Alibabacoin (ABBC). The company claimed that the ICO's name violated's copyrights and that the Alibaba Foundation acted fraudulently by having a name that made people think that the crypto had some kind of relationship with the online e-commerce giant. This statement was denied by the management team responsible for the ICO, who on several occasions mentioned that neither Jack Ma's company nor they had exclusive rights to the name since Ali Baba has been a famous traditional story from the Arab region for several generations. To avoid further confusion, they also published a series of Press Releases on these matters, as well as an official statement on their website in which they disassociated themselves from any affiliation that might be made between them and the Alibaba Group Holding. A few days ago, Alibaba Group Holdings Ltd decided to sue the Dubai-based Alibabacoin Foundation for "prominent, repeated, and intentionally misleading" use of its trademarks affecting the interests of the company. A few hours after receiving the complaint, US District Judge Kimba Wood issued a temporary restraining order demanding that the Alibabacoin team explain its allegations. To avoid misunderstandings, the popular ICO website has set up a pop-up on its homepage where they deny any affiliation with Alibaba Group Holdings LTD. This was an immediate response to Alibaba Group Holdings who said that to date the Alibabacoin team had "done nothing to combat or correct this confusion." After studying the decision, Judge Paul Oetken concluded that the online shopping giant failed to show that his court had jurisdiction over Alibabacoin's business. According to the judge, in the event of damage resulting from confusion, it is more likely that they would have occurred in their business in China, so a lawsuit in your court is not appropriate. Judge Oetken also Revoked Judge Wood's restriction order so the ICO can continue its operations naturally. Currently, the first phase of the token sale was successfully completed, and the team is focused on promoting and crowd sale their blockchain to launch a multi crypto wallet next month. The news has raised positive opinions, especially on social networks that have spread the word with some optimism because it is a court decision that has been beneficial to an ICO in a context that has been characterized recently by many negative images. Featured Image: Twitter

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