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Alibaba criticizes crypto moniker

Posted On: Apr. 3, 2018 2:29 PM CST

Alibaba criticizes crypto moniker

Even Alibaba Group Holdings, the Hangzhou, China- based e-commerce, internet and artificial intelligence conglomerate, is worried about its image.

The company filed suit in U.S. District Court in New York on Monday, charging that a Dubai-based firm caused confusion by using its trademark to raise more than $3.5 million in so-called “Alibabacoins” cryptocurrency, according to news reports.

Alibaba said the Alibabacoin Foundation’s “prominent, repeated and intentionally misleading” use of its trademarks was designed to confuse consumers into thinking it was affiliated with or endorsed by Alibaba.

It 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 raise funds.

Alibaba stated in the complaint that it has repeatedly said it is not interested in moving into the cryptocurrency business.

The District Court issued at temporary restraining order directing Alibabacoin to explain on April 11, when it should not be enjoined form further alleged infringements, according to the reports.