Huobi Faces Lawsuit in Hong Kong Over Naming Rights
A lawsuit has been filed against crypto exchange Huobi in Hong Kong which added up to the challenges faced by the company in the current market conditions . However the lawsuit does not come from the US Securities and Exchange Commission (SEC) but rather from X-Spot Limited which is a company led by Li Lin who is claiming violation of naming rights .
A lawsuit has been filed against crypto exchange Huobi in Hong Kong which added up to the challenges faced by the company in the current market conditions . However the lawsuit does not come from the US Securities and Exchange Commission (SEC) but rather from X-Spot Limited which is a company led by Li Lin who is claiming violation of naming rights .
Exclusive Rights to Firecoin Trademark Allegedly Violated
Li Lin who represents X-Spot Limited has filed a lawsuit in the Hong Kong Special Administrative District High Court against Huobi Global Limited based on the allegation that the exchange used the Firecoin trademark without permission . X-Spot Limited claims to hold exclusive rights to the trademark and asserts that Huobi Global violated these rights .
Disputes Over Trademark Ownership and Alleged Misconduct
The lawsuit stems from the transfer of a stake in Huobi Global to About Capital Management during which the parties agreed to retain the rights to the Huobi trademark and ensure that it would not be transferred to Huobi . The share transfer and asset delivery agreement openly forbids the buyer from using the trademark . But the lawsuit claims that Huobi Global breached this agreement .
In a separate development it is worth noting that Tron founder Justin Sun purchased Huobi stock for $1 billion last year . However conflicts arose between Sun and Li Wei who is the brother of Huobi’s founder as Sun accused Li Wei of buying Huobi Tokens (HT) without paying and profiting from selling them .
Final Thoughts
The lawsuit against Huobi in Hong Kong adds another layer of complication to the current challenges the exchange faces . It remains to be seen how the legal proceedings will go on and what impact they will have on the future operations of the company .
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