Alibabacoin founders sued for copyright infringement

The vast Internet marketplace owner Alibaba Group Holding Ltd has sued the people behind the cryptocurrency firm for copyright violation. The founders of Dubai-based Alibabacoin who already raised over $3M have used the brand clearly not belonging to them.

The case on the misleading title will be reviewed by the U.S. District Court in Manhattan, the judge responsible for the court proceedings has already asked Alibabacoin several questions on how the company plans to solve the issue. This swift reaction is likely cause due to the obviousness of which side is right in this situation.

Alibaba Group Holding Ltd has already warned the public that it did not plan to issue cryptocurrency in the near future and vowed to pursue any companies using their brand to get revenue from naive investors. There were some rumors regarding the new cloud mining platform made by this company, they have been briefly mentioned on Bitnewstoday.

The story, however, indicates the public demand for cryptocoins issued by major companies. The defendants simply would not have attracted so much money if the concept of Alibaba’s coin was not interesting for investors.

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