- X-Spot Co. Limited, owned by Li Lin, reportedly sued Huobi Global.
- Li Lin’s brother was accused by Justin Sun of dumping sums of Huobi’s native token (HT).
Huobi founder Li Lin claims that the cryptocurrency exchange is in violation of the terms of the purchase agreement by making use of the Huobi brand.
X-Spot Co. Limited, owned by Li Lin, reportedly sued Huobi Global for trademark infringement at the High Court of the Hong Kong Special Administrative Region, as reported by Chinese crypto reporter Colin Wu.
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
Li Lin’s business, X-Spot, filed an action against the cryptocurrency exchange because it had restarted using the “Huobi” brand without authorization.
Even though About Capital Management has acquired Huobi’s stock, the company’s trademark will remain in the hands of the company’s original owners per the terms of the deal. The lawsuit further highlighted the fact that the buyer was specifically forbidden from utilizing the Huobi name and trademark as part of the stock transfer agreement.
Huobi Token (HT) Surges
Li Lin’s brother was accused by Tron founder Justin Sun of dumping substantial sums of Huobi’s native token (HT), leading Sun to freeze Li Lin’s brother’s accounts and prompt the cryptocurrency exchange to begin using the brand again.
Meanwhile, neither Huobi Global nor Justin Sun has issued a remark on the lawsuit. Authorities in Malaysia recently demanded that Huobi end all of its activities there on the grounds that the company was doing so unlawfully.
The exchange’s token has been doing well recently despite the continuing legal dispute. The cryptocurrency’s weekly and daily charts have both turned green, signifying strong market success. The token’s value seems to be unaffected by the ongoing legal proceedings involving the parent firm.
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