Alibaba Group Holding Ltd filed suit and will sue a company named Alibabacoin Foundation for the unauthorized use of their name, but also to promote an ICO and rake money by surfing on confusion with Alibaba’s official group .
If Alibaba is a globally known and well-known billion dollar company, it has never launched its own cryptocurrency, let alone in Dubai. Thus, Alibabacoin would not be a subsidiary but would be the work of a company that has no connection with Alibaba.
The lawsuit was not Alibaba’s first intention, as they initially warned the founders of Alibabacoin to take steps to remove any similarity with the original brand and thus avoid any future suit. However, nothing has been done and that is why Alibaba has filed a lawsuit against Alibabacoin because this company could cause harm to Alibaba.
If the company is not at its first trial, it faces today well-intentioned people since they, having first denied any ICO according to ccn.com, have filed names of areas such as: alibabacoinwallet and alibabacoin and wanted to launch Phase 2 of their ICO, which would suggest that they would have already raised funds in Phase 1.
Alibabacoin, an unjustified price?
Each token would sell at 0.00029545 BTC is about $ 2 and we do not know directly on the site the amount of chips that will be put into circulation. Fortunately, however, they were arrested on a temporary restraining order against Alibabacoin in US District Court Case No. 18-02897, Southern District of New York.
If the site’s whitepaper explained that the company was to be articulated around artificial intelligences for image recognition in order to use for financial transactions, the events around this company show a fraud orchestrated by these individuals.
It is very surprising to see that in a country like Dubai, known for its very strict laws and where the penalties incurred in case of violation of these laws are much heavier than in a country like France.