Huobi Founder Li Lin Formally Sued Huobi Global For Trademark Abuse
Key Points:
- Huobi founder Li Lin filed a formal lawsuit in Hong Kong against Huobi Global for utilizing its Chinese trademark 火币, which was not permitted to be used in the original purchase deal.
- Last year, Justin Sun paid more than $1 billion for Huobi.
- Sun suspended Li Lin’s brother’s account and accused him of selling HT this year.
The conflict between Huobi’s old people and the exchange emerged when the company founder Li Lin formally sued Huobi Global in Hong Kong for using its Chinese trademark 火币 (Huobi), which was not allowed to continue to be used in the original acquisition contract.
According to Chinese crypto news Wu Blockchain, X-Spot Co., Ltd., operated by Lin, filed a trademark infringement lawsuit against Huobi Global Ltd in the High Court of the Hong Kong Special Administrative Region today.
The indictment alleges that X-Spot Limited has retained exclusive rights to the “火币 ” trademark, which Huobi Global Limited has been using without X-Spot’s authorization. When the original shareholders transferred their Huobi Global shares to About Capital Management, they expressly agreed to retain the exclusive rights to the “火币 ” trademark and ensure that these rights will not be transferred to the buyer or Huobi. The equity transfer and asset delivery agreement between the two parties clearly stipulates that the buyer is prohibited from using the “火币 ” trademark and brand.
Huobi was acquired by Tron founder Justin Sun for over $1 billion last year. Justin Sun accused Li Wei of acquiring tons of Huobi Tokens (HT) for free and selling them for millions to cash out on the platform. Wei is the brother of Li Lin.
Sun claims Wei received the HT tokens at zero costs when it was initially distributed. The Tron founder makes sense that Wei has been selling them on Huobi since then to make huge profits. However, Sun has promised to end this by recovering and destroying the remaining tokens with Wei through the help of the Huobi Global Advisory Committee and the HT DAO community.
According to Sun, the committee will engage Wei to negotiate a refund in the best interest of the HT DAO community. He noted that Wei didn’t contribute anything to the community, so he shouldn’t have access to the tokens.
Previously, Wu Blockchain reported that Lin asked Sun to provide evidence of his claims. According to the report, Lin promised to pay a 10-times compensation if the allegations were true.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
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Huobi Founder Li Lin Formally Sued Huobi Global For Trademark Abuse
Key Points:
- Huobi founder Li Lin filed a formal lawsuit in Hong Kong against Huobi Global for utilizing its Chinese trademark 火币, which was not permitted to be used in the original purchase deal.
- Last year, Justin Sun paid more than $1 billion for Huobi.
- Sun suspended Li Lin’s brother’s account and accused him of selling HT this year.
The conflict between Huobi’s old people and the exchange emerged when the company founder Li Lin formally sued Huobi Global in Hong Kong for using its Chinese trademark 火币 (Huobi), which was not allowed to continue to be used in the original acquisition contract.
According to Chinese crypto news Wu Blockchain, X-Spot Co., Ltd., operated by Lin, filed a trademark infringement lawsuit against Huobi Global Ltd in the High Court of the Hong Kong Special Administrative Region today.
The indictment alleges that X-Spot Limited has retained exclusive rights to the “火币 ” trademark, which Huobi Global Limited has been using without X-Spot’s authorization. When the original shareholders transferred their Huobi Global shares to About Capital Management, they expressly agreed to retain the exclusive rights to the “火币 ” trademark and ensure that these rights will not be transferred to the buyer or Huobi. The equity transfer and asset delivery agreement between the two parties clearly stipulates that the buyer is prohibited from using the “火币 ” trademark and brand.
Huobi was acquired by Tron founder Justin Sun for over $1 billion last year. Justin Sun accused Li Wei of acquiring tons of Huobi Tokens (HT) for free and selling them for millions to cash out on the platform. Wei is the brother of Li Lin.
Sun claims Wei received the HT tokens at zero costs when it was initially distributed. The Tron founder makes sense that Wei has been selling them on Huobi since then to make huge profits. However, Sun has promised to end this by recovering and destroying the remaining tokens with Wei through the help of the Huobi Global Advisory Committee and the HT DAO community.
According to Sun, the committee will engage Wei to negotiate a refund in the best interest of the HT DAO community. He noted that Wei didn’t contribute anything to the community, so he shouldn’t have access to the tokens.
Previously, Wu Blockchain reported that Lin asked Sun to provide evidence of his claims. According to the report, Lin promised to pay a 10-times compensation if the allegations were true.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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