Houbi Founder Sues for Trademark Infringement
Huobi founder Li Lin has accused the crypto exchange of violating the terms of the original acquisition deal by utilising the Huobi trademark.
According to Chinese cryptocurrency reporter Colin Wu, X-Spot Co. Limited, controlled by Li Lin, has launched a trademark infringement case against cryptocurrency exchange Huobi Global in the High Court of the Hong Kong Special Administrative Region.
According to the lawsuit, the cryptocurrency firm restarted use of the “Huobi” name without permission from X-Spot, with Li Lin’s company retaining exclusive rights to the term.
Following the sale of Houbi’s shares to About Capital Management, the original shareholders decided to retain rights to the company’s trademark, which will not be transferred to Huobi’s acquirer. The claim also said that the agreement in the equity transfer stipulated that the buyer was not permitted to use the Huobi brand or trademark.
Furthermore, according to the lawsuit, the crypto exchange began reusing the trademark after Tron Founder Justin Sun accused Li Lin’s brother of dumping substantial sums of Huobi’s native currency (HT).
(With inputs from shikha Singh)
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