Alibaba won a preliminary injunction against Alibabacoin Foundation for trademark infringement. The Fortune 500 company opened a trademark infringement case against the cryptocurrency company for brand confusion.
The injunction stops ABBC from using any materials belonging to Alibaba. Alibaba was unsuccessful in filing a lawsuit against ABBC earlier in the year. However, this is disputed as US district courts claim having no jurisdiction over ABBC, as it claims to be based in Belarus and Dubai.
Alibabacoin Foundation was using the unlicensed branding and trademark to raise $3.5 million in an ICO. The coin’s current market value of $1.9 million.