Huobi founder files lawsuit for trademark infringement
Li Lin’s company, X-Spot Co. Limited, has taken legal action against Huobi Global, filing a trademark infringement lawsuit in the High Court of Hong Kong. The lawsuit alleges that Huobi Global resumed using the “Huobi” trademark without X-Spot’s permission, despite X-Spot maintaining exclusive rights to the trademark. Exclusive rights In a June 21 release, Li Wei, the younger brother of Li Lin, the founder of Huobi Global, had his account blocked by Huobi Global advisor Justin Sun. The action was taken after Sun accused Wei of dumping Huobi Token (HT), causing significant price volatility. Sun reassured HT holders that the tokens sold by Wei would be removed from circulation to stabilize the token’s value. 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. ...