Hong Kong High Court Rules in Favor of X-SPOT GLOBAL LIMITED
The High Court of the Hong Kong Special Administrative Region has made a decision in a trademark infringement case involving X-SPOT GLOBAL LIMITED and Huobi Global Limited.
An interim injunction has been issued by the court, preventing Huobi Global Limited from using the “Huobi” trademark or any similar name or logo in Hong Kong throughout the trial.
The dispute revolves around the trademark rights held by X-SPOT GLOBAL LIMITED and their claim of exclusive rights to the “Huobi” trademark. They have accused Huobi Global Limited of unauthorized use.
Huobi Global’s alleged infringement of the trademark led to this legal action, as it violated the original acquisition agreement.
It’s worth noting that Huobi rebranded to HTX in September 2023.
Court Affirms Infringement of Trademark Rights
The court has confirmed that Huobi Global Limited’s actions constitute an infringement of X-SPOT GLOBAL LIMITED’s trademark rights.
The case involves the transfer of shares in Huobi Global Limited to About Capital Management, with clear agreements that the original shareholders, including X-Spot Co., Ltd., would retain exclusive rights to the “Huobi” trademark.
The equity transfer and asset delivery agreement explicitly prohibited the buyer from using the “Huobi” trademark and brand.
The legal action gained momentum when Huobi founder Li Lin accused the crypto exchange of violating the agreement by using the “Huobi” trademark without permission. The lawsuit argues that this goes against the terms outlined in the acquisition contract.
This legal dispute also sheds light on tensions between Li Lin and Tron Founder Justin Sun, as it mentioned the reuse of the trademark following accusations that Li Lin’s brother dumped large amounts of Huobi’s native token (HT).
With this recent ruling, Huobi faces additional legal challenges on top of regulatory issues, such as a recent order from Malaysian authorities to cease operations in the country due to alleged illegal activities.
Hot Take: Hong Kong Court Rules Against Huobi Global in Trademark Dispute
The High Court of Hong Kong has ruled in favor of X-SPOT GLOBAL LIMITED in a trademark infringement case against Huobi Global Limited. The court issued an interim injunction, prohibiting Huobi Global from using the “Huobi” trademark or any similar name or logo in Hong Kong during the trial. This decision comes after X-SPOT GLOBAL LIMITED claimed exclusive rights to the trademark and accused Huobi Global of unauthorized use. The legal action was prompted by Huobi Global’s alleged infringement of the trademark, which breached the original acquisition agreement. The ruling adds further complexity to Huobi’s legal troubles as it faces regulatory challenges and accusations of illegal operations in Malaysia.
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