This week, Chinese e-commerce company, Alibaba Group Holding Ltd, sued a company called Alibabacoin for “prominent, repeated, and intentionally misleading” use of its trademarks in its effort to raise more than $3 million in cryptocurrency called "AlibabaCoins."
"Rather than build independent value in their brand and the products and services they offer, Defendants have engaged in a willful and concerted campaign to cause the public to believe falsely that Alibaba is the source of the Defendants' products and services, or that such products and services are endorsed or sponsored by, or otherwise associated or affiliated with, Alibaba."
In addition, Alibaba claims that several media reports mentioned an affiliation, or suspected affiliation, between the two companies, and noting “Defendants have done nothing to combat or correct this confusion, and indeed, appear to have stoked it whenever possible, even using the terms ‘ABBC’ and ‘Alibaba’ interchangeably.” The lawsuit seeks a permanent injunction, punitive damages, triple damages, and a jury trial.
Shortly after the complaint was filed in New York, a U.S. District Court judge issued a temporary restraining order directing Alibabacoin to explain next week why it should not be enjoined from further alleged infringements.
Update, May 4, 2018: A U.S. District Court judge ruledagainst Alibaba Group's preliminary injunction attempt, finding thatthe Chinese company did not show jurisdiction in the United States.