Houbi founder sues Krypto exchange for trademark law violation (report)

Houbi founder sues Krypto exchange for trademark law violation (report)

Huobi founder Lin led the crypto exchange to use the Huobi brand, an action that is supposed to violate the agreement in the original takeover contract.

• According to the Chinese crypto reporter Colin Wu, the X-Spot Co. Limited, controlled by Lin Lin, submitted a lawsuit against the Huobi crypto exchange at the Supreme Court of the Huobi Supreme Court.

Huobi founder Li Lin, officially sued Huobi Global in Hong Kong because of the use of his Chinese brand 火币, which could not be used in the original takeover contract. Huobi was taken over by Justin Sun for over $ 1 billion last year. Sun frozen the account of Lin's brother ...

- Wu Blockchain (@wublockchain) 21. June 2023

• In the lawsuit it was claimed that the crypto company resumed the use of the "Huobi" brand without the approval of X-Spot, with Lin's company retaining the exclusive rights to the brand.
• After the transfer of the Houbi shares to About Capital Management, it was agreed that the original shareholders keep the rights to the company's brand that are not transferred to Huobi buyer. In addition, it was pointed out in the lawsuit that the agreement on capital transmission stipulated that it was prohibited from the buyer to use the brand and trademark of Huobi.
• In addition, the lawsuit also says that the crypto exchange has started to reuse the brand after tron ​​founder Justin Sun Li Lins brother had to unload large amounts of Huobis Native token (HT).
• Meanwhile, there was no official statement by Huobi Global or Justin Sun on the lawsuit. The Malaysian authorities recently instructed Huobi to hire its business in the country, on the grounds that the company is illegal

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