Last Updated on June 21, 2023 by COINBUZZFEED
Huobi founder Li Lin has taken legal action against Huobi Global in Hong Kong over the usage of the Chinese trademark “火币” (pronounced “huǒbì”), which was not permitted to be continued as per the terms of the original acquisition agreement.
This move comes amidst a deepening rift between Li Lin and Justin Sun, the entrepreneur who acquired Huobi for a staggering $1 billion last year. The lawsuit sheds light on the ongoing conflicts within the cryptocurrency industry and highlights the significance of intellectual property rights in the digital landscape.
The dispute between Li Lin and Justin Sun escalated when Sun froze the account belonging to Li Lin’s brother and accused him of dumping Huobi Token (HT) earlier this year. The contentious nature of their relationship has further intensified with this legal battle, as Li Lin seeks to protect the integrity of the Huobi brand and enforce the terms of the acquisition contract.
Li Lin’s decision to sue Huobi Global is rooted in his belief that the unauthorized usage of the “火币” trademark violates the acquisition agreement and dilutes the brand’s identity. By taking this legal route, Li Lin aims to rectify the situation and ensure that the trademark is used in accordance with the agreed terms.
