What’s in a name? Plenty. E-commerce giant Alibaba Group won a preliminary injunction against cryptocurrency firm Alibabacoin Foundation.
According to MarketWatch, Alibaba wasn’t pleased the similarly named foundation was promoting an AlibabaCoin cryptocurrency by using its trademarks. It took its case to the U.S. District Court for the Southern District of New York.
Alibaba tried to get the injunction in April but was denied for not having proved its case. However, in an October filing it claimed it had evidence the foundation and other defendants had published more promotional materials using Alibaba’s trademarks “to align itself with the Chinese conglomerate, which helped in its attempt to raise $3.5 million in an initial coin offering,” according to MarketWatch.
Judge Paul Oetken granted the injunction blocking any more such activity in the U.S. AlibabaCoin, or ABBC, has a market value of $1.9 million and is trading at 71 cents, according to data from CoinMarketCap. Read more here.