Huobi Founder Sues Huobi Global Over Trademark Infringement
Li Lin, the founder of cryptocurrency exchange Huobi, has officially sued Huobi Global in Hong Kong for unauthorized use of the Chinese trademark “火币” (Huobi). This trademark was reportedly not allowed to be used as per the original acquisition contract. The legal action adds a new layer of complexity to the ongoing disputes within the company.
Huobi founder Li Lin formally sued Huobi Global in Hong Kong for using its Chinese trademark 火币 that was not allowed to continue to be used in the original acquisition contract. Huobi was acquired by Justin Sun for over $1 billion last year. Sun froze Li Lin’s brother’s account…
— Wu Blockchain (@WuBlockchain) June 21, 2023
Trademark Dispute
Huobi, a leading digital asset exchange, was acquired by entrepreneur Justin Sun for a staggering sum of over $1 billion last year. Since the acquisition, tensions have been simmering between Li Lin and Sun. The latest lawsuit filed by Li Lin further exacerbates the already strained relationship between the two parties.
According to sources close to the matter, Li Lin claims that Huobi Global violated the terms of the acquisition contract by continuing to use the Chinese trademark that was explicitly prohibited. The trademark dispute underscores the importance of intellectual property rights in the cryptocurrency industry and the need for adherence to contractual agreements.
Account Freeze
The lawsuit comes in the wake of a separate incident involving Sun freezing the account of Li Lin’s brother. Sun accused Li Lin’s brother of “dumping” HT, Huobi’s native token, earlier this year. The accusation led to further tension within the company and added fuel to the ongoing disputes between the involved parties.
As this story unfolds, it raises questions about the future of Huobi and its leadership. The lawsuit filed by Li Lin has the potential to impact the operations and reputation of Huobi Global, as well as the relationships between the various stakeholders involved.
Both Li Lin and Justin Sun have been key figures in the cryptocurrency industry, and their actions have garnered significant attention. As the legal battle commences, industry experts and cryptocurrency enthusiasts will be closely monitoring the case’s outcome, as it may have broader implications for the industry as a whole.
