New York court rejected Alibaba’s lawsuit against the creators of Alibabacoin cryptocurrency

District Judge Paul Otken denied the Chinese giant of electronic commerce Alibaba Group Holdings in a preliminary ban on the use of a similar name by the Alibabacoin Foundation, a cryptocurrency company based in Dubai. The main argument of the judge – Alibaba Corporation was unable to demonstrate that it has jurisdiction in Manhattan, and to provide evidence of the “permissible probability” that Alibabacoin’s websites were used to conduct any transactions with clients in New York. Source:

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