Alibaba Sues Crypto Coin Over Trademark Infringement

Alibaba Group stated that it is not related to Alibabacoin currency and does not want to be associated with it
03 April 2018   628

Alibaba Group is a Chinese multinational e-commerce, retail, Internet, AI and technology conglomerate that provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals, as well as electronic payment services, shopping search engines and cloud computing services. 

Judging by the documents recently filed to the US District Court in Manhattan, New York, Alibaba charged the developers of the Alibabacoin over the “prominent, repeated, and intentionally misleading” use of its trademark. Alibaba Group stated that it is not in any way related to Alibabacoin currency and does not want to be associated with it, or have its customers misled.

The Initial Coin Offering of Alibabacoin has started on April 16, and has already managed to raise $3.5 million. Nevertheless, although Alibabacoin and Alibaba Group are not related, previously Chinese giant of Internet commerce Alibaba Group was expressing concerns about the launch of a platform for the mining of cryptocurrency, which was reported by CCN with reference to unconfirmed information from local media. We believe that only time will show if Alibaba company finds its way in a crypto-related industry or not.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   233

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.