On the 1st of May, Forbes Middle East reported that A US court has rejected the Chinese e-commerce giant Alibaba’s request for an injunction against the Dubai-based Alibabacoin Foundation (ABBC Foundation). Alibaba filed a lawsuit due to the similar name being used for promoting ABBC Foundation’s ICO.
The ABBC Foundation, which raised more than $3.5 mln in an Initial Coin Offering (ICO), says on its site that they are “building the store security framework that is in a fundamentally enhanced by utilizing new innovation utilizing a secret procedure for executing the blockchain calculation into the facial acknowledgment hashing process.”
A Google snippet for the ABBC Foundation issued this clarification, which reads:
“Alibabacoin Foundation is one of the best Cryptocurrency organization with success anticipated and an extraordinary whitepaper. This digital currency has secure Facial Recognition.”
The Foundation has maintained the rights to their name, by referring to the Middle Eastern character “Ali Baba” from One Thousand and One Nights as their motivation as opposed to the Chinese business organization. As per an email from the ABBC Foundation sent a month ago to Forbes Middle East, the word Alibaba is “free of utilization in its legitimate business exercises”:
“[The lawsuit] is either a reasonable or proportionate reaction to our customer’s altogether genuine utilization of a naturally non-specific word which exudes not from China, but rather to be sure from the very area in regard of which your customer would look to preclude its utilization.”
A representative for Alibaba revealed to Forbes Middle East via an email, explaining that “Alibaba Group has not partnered with the ABBC Foundation”:
“The court’s decision on April 30 was with respect to jurisdiction. We will present another movement and are certain we will have the capacity to put a conclusion to this unyielding, coordinated and unlawful plan by the ABBC Foundation to misuse Alibaba Group trademarks.”
Rumours that Alibaba was diving into the crypto division were precluded in January from claiming this year when the organization made an announcement that their new P2P stage was not digital currency, the blockchain, or crypto mining related.
“We repeat that Alibaba Cloud has never issued a Bitcoin-cryptocurrency, and it won’t have any [cryptocurrency] mining stages.”