Chinese giant Alibaba is suing an “Alibaba Coin” a Dubai based cryptocurrency that raised 3.5 million dollars for its ICO. They are suing them for copyright infringement. Obviously, There was some confusion and especially how the 3.5 million could by raised simply because of the name Alibaba.
In this lawsuit, Alibaba coin initially mislead investors to believe that Alibaba was behind the “Alibaba Coin” ICO project. However, when Alibaba reached out to Alibaba coin no corrections were attempted to be made to change the ICO name or their website. Nonetheless, they didn’t adhere to any of their warnings.
As a result, there was a lot of misleading information that lead to people investing 3.5 million towards the ICO project. What do you think? What are your thoughts?
