Alibaba sues Dubai firm over 'Alibabacoin' cryptocurrency
Chinese e-commerce giant Alibaba Group has sued a Dubai-based firm behind the 'Alibabacoin' cryptocurrency for trademark infringement. Alibaba said the firm's "prominent, repeated, and intentionally misleading" use of trademarks is intended to confuse the consumers. The Alibabacoin Foundation has already raised $3.5 million in funding in the first round of its token sale.