Huobi co-founder sues own company for copyright infringement
According to local news reports on June 21, Leon Lin Li, former co-founder of cryptocurrency exchange Huobi Global, has filed a copyright infringement lawsuit against the company in Hong Kong. Li claims that despite selling his majority stake to an entity controlled by Chinese blockchain personality Justin Sun last November, his company, X-Spo, still possesses trademark rights associated with the term “Huobi Global,” and that “Huobi Global,” the actual exchange, has been using the trademark without authorization.
Former Huobi co-founder Leon Li. (Twitter)
Though it’s not immediately clear why Li seeks litigation against the very company and brand he previously built, a series of heated exchanges between Li and Justin Sun last month may offer some hints.
On May 16, Sun published a series of allegations against Wei Li, Lin Li’s brother. In the tweet, Sun accused Wei Li of receiving millions of Huobi Token through “abnormal means” at zero cost and of “consistently selling off these HT tokens and cashing out.” To which Lin Li replied: “I hope Huobi can provide evidence. If it is confirmed that it is zero-cost HT was obtained through illegal means, I will personally pay 10 times the HT [amount] to Huobi company.”
Hodlnaut’s last voyage?
According to a recent court filing, the fate of whether troubled Singaporean crypto lending firm Hodlnaut is to be dissolved or restructured will be sealed on August 7. Last August, Hodlnaut halted operations after disclosing that it lost over $300 million of its client’s assets from the implosion of the $40 billion Terra Luna ecosystem in May 2022.
Holdnaut team members before the onset of the crypto winter. (SMU)
The firm faces approximately $300 million in claims from creditors, who mostly wish to see the firm dissolved. That said, both co-founders Juntao Zhu and Simon Lee want to continue Hodlnaut’s operations, even though the company had…