Houbi Founder Sues Crypto Exchange for Trademark Infringement (Report)
Huobi founder Li Lin has accused the crypto exchange of using the Huobi trademark, an action that supposedly goes against the agreement in the original acquisition contract.
- According to Chinese crypto reporter Colin Wu, X-Spot Co. Limited, controlled by Li Lin, has filed a lawsuit in the High Court of the Hong Kong Special Administrative Region against crypto exchange Huobi Global for trademark Infringement.
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
- The lawsuit claimed that the crypto firm resumed the use of the “Huobi” trademark without permission from X-Spot, with Li Lin’s company maintaining exclusive rights to the trademark.
- Following the transfer of Houbi’s shares to About Capital Management, it was agreed that the original shareholders will retain rights to the company’s trademark, which will not be transferred to the buyer of Huobi. Also, the claim pointed to the fact that the agreement in the equity transfer stated that the buyer was prohibited from using the Huobi brand and trademark.
- Furthermore, the lawsuit also stated that the crypto exchange started reusing the trademark after Tron Founder Justin Sun accused Li Lin’s brother of dumping large amounts of Huobi’s native token (HT).
- Meanwhile, there has been no official statement from Huobi Global or Justin Sun regarding the lawsuit. Malaysian authorities recently ordered Huobi to cease operations in the country, claiming that the firm was operating illegally
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