Key Points:
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
The crypto scene is constantly evolving, and certain currencies show significant promise for the upcoming…
While some altcoins like PEPE, XRP, ONDO, and PYTH may not show significant short-term growth,…
Ripple Trading Volume Increases 40% Quarterly Amid Ongoing SEC Lawsuit
Notcoin first campaigns will be launched next week, offering rewards but cautioning against unstaking.
LayerZero Labs wraps up LayerZero sybil self-report and identifies 803,093 potential fraudulent addresses.
The Coinbase outage was attributed to an error in the Coinbase Card reward service, causing…
This website uses cookies.