Alibabacoin to become ABBC coin, as part of lawsuit settlement

12 Mar, 2019 | Updated: 12 Mar, 2019
by Fifi Arisandi
News
Alibabacoin to become ABBC coin, as part of lawsuit settlement

The company that issues Alibabacoin agrees to “rename” their coin to ABBC coin, following a lawsuit from Jack Ma’s Alibaba Group Holdings Ltd.

To recall, the Alibabacoin Foundation managed to raise $3.5 million through an ICO, a figure that was said to be achieved only due to their using of Alibabacoin name.

The Chinese e-commerce giant accused them of confusing the customers and “hurting” their business in the US by using their trademarked name.

The foundation countered by saying that they had no intention of taking the advantages from the Alibaba name, arguing that the Chinese government’s ban on ICOs should’ve eliminated the “main source of potential confusion”.

The lawsuit, however, was won by the Alibaba Group Holdings Ltd. last October, when Judge James Paul Oetken ruled that Alibaba shouldn’t be used as a coin name in the US as it could arise consumers’ confusion.

Read more: Alibaba wins copyright infringement case against "Alibabacoin"

As part of the lawsuit settlement, the foundation agrees to change the coin name to ABBC coin, while also changing the company’s name to ABBC Foundation.

Moreover as reported by Reuters, the company expressed their regret for any public confusion caused by the “former use of Alibabacoin.”

As of writing time, no comments have been made by the “real Alibaba”, while their US-based lawyer also declined to make comment.

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