The court rejected the claim of the Chinese organization “Alibaba”, which was addressed against the Chinese company “Alibabacoin Foundation”.
We firmly believe that Alibabacoin Foundation never acted illegally. Fair and square speaking, we strongly believe and trust the judge decision above all else. As always, from the bottom of our hearts, thank you for the support and continue patronizing Alibabacoin Foundation. pic.twitter.com/8skk7FTWt6
— ABBC Foundation (@abbcfoundation) May 1, 2018
Based on the information provided by the press release on the 1st of May, the Manhattan Court did not accept charges that were put forward against the Alibabacoin Foundation cryptocurrency company for using the trademark “Alibaba”. The lawsuit was drawn up by the Chinese company Alibaba, the activities of which are concentrated in the field of Internet commerce.
Alibaba indicates that the Alibabacoin Foundation (ABBC) has no rights to use the “Alibaba” logo. However, the court made a decision, which points out the unjustified suspension of sales on the site of Alibabacoin in New York. Moreover, there is absolutely no difference whether Alibabacoin cryptocoins will be placed on the New York Stock Exchange or in other companies with the aim of posting on the Alibabacoin website.
In addition, Alibaba’s estimated loss will be felt in China, where Alibaba is located. Alibabacoin Foundation said that there were no grounds to confuse Alibaba users, since last year China imposed a ban on holding the “initial coin offerings” at the legislative level.
The Alibaba platform is named after the main hero of the eastern fairy tale, and also because this name is popular in Dubai. The court decision was not immediately commented on by the main participants of Alibaba and Alibabacoin Foundation.