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Alibaba Coin Decided to Change the Name of Deal with the E-Commerce Giant!

Earlier, the Chinese e-commerce giant was reportedly taking the EUBC Foundation, a Dubai-based crypto firm, to the court for the use of the name'nı Alibaba Daha. However, a recent report reported that the crypto firm has agreed to stop using its name for its project.

Alibaba and Alibaba coin Agreement

The agreement between the two parties is said to be one of the criteria of court regulation between the two parties. The Alibaba coin Foundation, also known as the ABBC Foundation, made a statement stating regrets regarding the confusion that arose as a result of using the name Alibab acoin for the Foundation project.

The company has also made it clear that it will be recognized as ABBC Coin instead of the Alibaba foundation.

This change in its name came as a result of a lawsuit filed by the Chinese e-commerce giant in April 2018. Alibaba coin filed a lawsuit against Alibabacoin for copyright infringement, after raising the initial ICO bid by $ 3.5 million.

However, this case was filed against a US court the following month. In his defense, ABBC stated that it was not trying to block the name of Alibaba and that the banning of China's first crypto money offer ban in 2017 eliminated the main source of potential turmoil.

This didn't stop the giant from continuing with the crypto firm's plan to close the shop. This stability and continuity eventually ended, and as a result, the Chinese giant won a preliminary lawsuit against the Alibaba coin Foundation in a case involving misleading use of the name in the US District Court of New York's Southern District.

About Alibaba And Technology

In a recent interview, Alibaba's vice president, Liu Song, said the e-commerce giant wants to implement blockchain technology for cross-border supply chains.

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Industry News

SEC Accuses 5 Insiders of BitConnect for Illegal Promotion

SEC, Yasadışı Tanıtım’dan BitConnect İçerisinden 5 Kişiyi Suçladı

About the five people at BitConnect SECIt said it “violated Federal Securities laws.”

The SEC's complaint is that “persons who support the BitConnect Program are sold without registering the Securities with the Commission and registering as a broker-dealer with the Commission as required by law.” BitConnect's lending program is said to encourage people to invest in potential investors, including Trevon Brown, Craig Grant, Ryan Maasen, and Michael Noble, by creating promotional-style videos and posting them on YouTube. It is also claimed that some YouTube channels that make promotions are paid on a commission basis in return for their promotional efforts.

Shortly after his release, Trevon Brown (better known as Trevon James) posted a tweet saying he didn't deny the charges and said the community would "rally" around him.

Lara Shalov Mehraban, Deputy Regional Director of the SEC's New York Regional Office,

“We will try to hold accountable those who make illegal profits by taking advantage of the public's interest in digital assets”

said.

 

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Bitcoin News

Who Has The Most Bitcoin (BTC) Savings?

Bitcoin Analizi, Bitcoin 5.700 Doları Geçti!

According to the research result, the Winklevoss twins own 150,000 BTC, but there are names that own more Bitcoin than them…

Blockchain Center, which investigates who owns the largest amount of Bitcoin (BTC); From Winklevoss twins to scammers, from hackers to "zombie coins", he laid out all the data.

 

On the other hand, the most famous hacking case of the cryptocurrency world, Mt. Gox incident allegedly owned 166,000 BTC.

It is claimed that 30,000 BTC seized from the Silk Road scandal is in the hands of Tim Draper.

Plus Token scammers were said to have 200,000 BTC.

On the other hand, “Zombie coins” are surprisingly plentiful. These tokens we are talking about consist of 1.5 million BTC, which will never be used and will not be spent by anyone forever.

Grayscale's Bitcoin Trust is known as the largest institutional Bitcoin investment vehicle and currently holds over 400,000 BTC of liquidity. Lightning Network only holds 1,000 BTC, while Ethereum (ETH) has another 80,000 BTC locked.

Another 2.5 million Bitcoins are expected to enter circulation over time. Time will tell which other names will be included in this list.

 

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Blockchain News

National Fisheries Institute and IBM's Blockchain Tracking System Food Trust

Ulusal Balıkçılık Enstitüsü ve IBM’in Blockchain Takibi Sistemi Food Trust

The United States seafood trade association, the National Fisheries Institute (NFI), is working with Food Trust, IBM's blockchain supply chain solution, to monitor FoodOnline's reports on June 11 seafood and food-related news.

In the report, they mentioned the new system for monitoring the type of seafood jointly carried out by multiple companies. In addition, NFI members representing harvesters, importers, cold storage, food service restaurants and retail sales were also included in the program.

IBM's Blockchain Tracking System Food TrustSIRF President's Statement

The project is funded by the Seafood Industry Research Fund (SIRF), whose chairman Sean O'Scannlain said in a statement on developments:

“The tracking system is nothing new to the seafood industry, but we'll test how blockchain is a new concept, with IBM's Food Tracking system, helping seafood businesses earn revenue and reduce costs to customers from harvest to distribution.”

The system also states who can access and how long companies can control data, and who will retain control after the chain is loaded. Raj Rao, IBM Food Trust general manager Food Food Trust can change any sector, especially when we have large ecosystems, businesses and organizations ” He said.

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Source: Cointelegraph

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