Li Lin’s company, X-Spot Co. Limited, has reportedly filed a lawsuit against Huobi Global. The lawsuit is related to allegations that Li Lin’s brother was involved in dumping Huobi’s native token, HT, and comes after accusations made by Justin Sun.
Huobi founder Li Lin alleges that the cryptocurrency exchange has breached the terms of the purchase agreement by using the Huobi brand without permission.
Li Lin’s company, X-Spot Co. Limited, has filed a lawsuit against Huobi Global for trademark infringement in the High Court of the Hong Kong Special Administrative Region, according to 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, has taken legal action against the cryptocurrency exchange Huobi. The lawsuit claims that Huobi resumed using the “Huobi” brand without permission, despite the acquisition of its stock by About Capital Management.
The lawsuit emphasizes that the original owners of the company, including the trademark, still retain ownership as per the terms of the agreement. The stock transfer agreement explicitly prohibits the buyer from using the Huobi name and trademark.
Huobi Token (HT) Experiences Significant Surge:
Accusations of token dumping by Li Lin’s brother, made by Justin Sun, resulted in the freezing of accounts and the resumption of Huobi Global’s use of the brand. No official comments have been made by Huobi Global or Justin Sun regarding the lawsuit.
In addition, Malaysian authorities have ordered Huobi to cease its operations in the country due to alleged unlawful activities.
Despite the ongoing legal dispute, the exchange’s token has been performing positively. Both the weekly and daily charts show favorable market trends, indicating success. The token’s value remains unaffected by the legal proceedings involving the parent company.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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