ChainCatcher news, the High Court of the Hong Kong Special Administrative Region has made an important ruling in the intellectual property lawsuit between X-SPOT GLOBAL LIMITED (plaintiff) and Huobi Global Limited (defendant). The plaintiff X-SPOT GLOBAL LIMITED successfully applied for a temporary injunction against the defendant to prevent the latter from using the "火幣" or "Huobi" trademark or any confusingly similar names or logos in Hong Kong during the litigation proceedings. The core issue of the case revolves around the trademark rights held by the plaintiff. The Hong Kong High Court ruled that the plaintiff's trademark rights should be protected, and the defendant's actions constituted an infringement of the plaintiff's trademark rights.Previously, it was reported that X-Spot Limited, controlled by Li Lin, filed a lawsuit against Huobi Global Limited for trademark infringement in the High Court of the Hong Kong Special Administrative Region in June this year. The lawsuit stated that X-Spot Limited has always retained exclusive rights to the "火币" trademark, and Huobi Global Limited has been using the trademark without authorization from X-Spot. When the original shareholders transferred their shares in Huobi Global to About Capital Management, they explicitly agreed to retain the exclusive rights to the "火币" trademark and ensured that these rights would not be transferred to the buyer or Huobi. The equity transfer and asset delivery agreement between the parties clearly stipulated that the buyer is prohibited from using the "火币" trademark and brand.

ChainCatcher news, according to Whale Alert monitoring, 199,999 SOL (worth $11,546,776) was transferred from Huobi to an unknown wallet at 20:47 Beijing time.

ChainCatcher news, regarding Li Lin's formal lawsuit against Huobi for using the "Huobi" trademark in Hong Kong, Huobi officially responded to Odaily Planet Daily as follows:Huobi Global Limited has the trademark rights in many jurisdictions around the world, and therefore has the right to use it freely.Huobi Global Limited is not registered in Hong Kong. The trademark rights in Hong Kong depend on the laws and regulations of Hong Kong.Currently, we have not formally received any court acceptance notice and do not have detailed knowledge about the lawsuit. We will communicate actively.According to a previous exclusive report by Wu Shuo, X-Spot Limited, controlled by Li Lin, today filed a lawsuit against Huobi (Huobi Global Limited) for trademark infringement in the High Court of the Hong Kong Special Administrative Region.The lawsuit claims that X-Spot Limited has always retained exclusive rights to the "Huobi" trademark, and Huobi (Huobi Global Limited) has been using the trademark without authorization from X-Spot. (Source link)

ChainCatcher news, according to reports from Wu, X-Spot Limited, controlled by Li Lin, has filed a trademark infringement lawsuit against Huobi Global Limited today in the High Court of the Hong Kong Special Administrative Region. The lawsuit claims that X-Spot Limited has always retained exclusive rights to the "Huobi" trademark, and Huobi has been using the trademark without authorization from X-Spot.It is reported that when the original shareholders transferred their shares of Huobi Global to About Capital Management, they explicitly agreed to retain exclusive rights to the "Huobi" trademark and ensured that these rights would not be transferred to the buyer or Huobi. The equity transfer and asset delivery agreement between the parties clearly stipulates that the buyer is prohibited from using the "Huobi" trademark and brand. (source link)

ChainCatcher news, the Securities Commission of Malaysia (SC) announced that it has taken action against Huobi Global Limited and its CEO Leon Li, accusing them of operating a digital asset exchange (DAX) in Malaysia without registration. The SC has ordered Huobi Global Limited to cease operations in the country, including disabling its website and mobile applications on multiple platforms such as the Apple Store, Google Play, and any other digital application platforms.Huobi Global Limited has also been instructed to stop disseminating, publishing, or sending any advertisements to Malaysian investors, whether through email or on social media platforms. Leon Li has been specifically directed to ensure compliance with the above instructions. The SC also urged Malaysian investors who have been using Huobi Global Limited to immediately stop trading on its platform, withdraw all investments, and close their accounts. (Source link)

ChainCatcher news, Justin Sun stated on Twitter that Huobi Global has applied for a cryptocurrency trading license in Hong Kong and will be able to expand its services and products offered to Hong Kong customers, providing a wider range of cryptocurrency trading and investment options. In addition, Huobi will also launch a new exchange, Huobi Hong Kong, in Hong Kong. (Source link)

ChainCatcher news, Tron founder and Huobi Global Advisory Committee member Justin Sun tweeted: "Huobi exchange has a 100% uptime, and there has not been a single security breach in the 10 years of this industry, which is no small achievement in a sector where network attacks and hacking are very common. Huobi currently has millions of users worldwide, and looking ahead, Huobi is focused on further expanding its user base, aiming to reach 100 million users by 2023." (source link)

ChainCatcher news, Huobi tweeted that on October 8, the holding company of Huobi transferred all of its shares in Huobi Global to About Capital Fund. New Huo Technology is an independent entity, Huobi is operating as usual, and will continue to provide safe and reliable services to customers. (Source link)

ChainCatcher message, in response to CZ's suggestion that cryptocurrency exchanges should conduct Merkle tree proof of reserves, Tron founder and Huobi Global Global Advisory Committee member Justin Sun tweeted: "Historically, both Poloniex and Huobi Global have done this. Huobi actually just did it again about a month ago. But we are happy to respond to CZ's proposal to do it a third time. Merkle tree proof of reserves is 100% important for transparency in our industry and exchanges." (source link)

ChainCatcher message, Huobi Global released a statement regarding the truth of the GALA incident: pNetwork maliciously exploited management privileges to issue over 55.6 billion GALA tokens on the BNB Chain, which is not a white hat action, but a premeditated hacking attack aimed at malicious profit. The claim of being a white hat is an illegal excuse sought to evade legal sanctions. Huobi will hold them fully accountable and seek compensation in accordance with the law on behalf of the industry and users. (source link)

ChainCatcher news, Huobi Global announced a notice regarding the pGALA tax burning mechanism on the BNB Chain, stating the following adjustments to maximize the protection of user asset security:The platform will close pGALA deposits;A tax burning mechanism will be set up, adjusting the pGALA spot trading fee to a bidirectional charge of 0.012 (1.2%), while other tax mechanisms within the platform will remain unaffected;All fee income will be used to repurchase and destroy pGALA, and the tax burning mechanism is expected to go live on November 5, 2022, at 0:00;All improper gains from the issuance of BNB Chain GALA tokens through deposits will be used to repurchase and destroy pGALA, and all trading fee income from GALA trading pairs on the platform from 0:00 to 24:00 on November 4 will be used to repurchase and destroy pGALA;Huobi will continue to negotiate with the project on behalf of users regarding compensation for asset losses caused by this incident.Previously, it was reported that the multi-chain routing protocol pNetwork caused the minting of over $1 billion worth of pGALA tokens on the BNB Chain due to a cross-chain bridge configuration error, profiting by selling on PancakeSwap. After proposing to rename the GALA bought during the abnormal event to pGALA and the project party agreeing to fully compensate users holding tokens before the incident, Huobi announced that GALA would be relisted. (source link)

ChainCatcher news, Huobi Global released the announcement on the handling of the GALA token abnormal incident (Part Four), stating that through communication with the Gala project, the Gala team has agreed to fully compensate the Gala holders before the incident. The platform will relist Gala and continue to maintain close communication with the project team. Please patiently wait for the latest official announcement regarding further developments. After this announcement, Huobi Global will have two assets, Gala and Pgala, distinguishing the timeline with the incident as the time node. Please be aware of trading risks.Previously, it was reported that the multi-chain routing protocol pNetwork caused the minting of over $1 billion in pGALA tokens on the BNB Chain due to a cross-chain bridge configuration error, and profited by selling on PancakeSwap. (Source link)

ChainCatcher news, Huobi Global plans to launch HFT (Hashflow) on November 7. HFT deposits will open on November 4 at 12:00. HFT withdrawals will open on November 8 at 13:00 (UTC).HFT spot trading (HFT/USDT, HFT/USDC, HFT/USDD) will open when the deposit volume meets market trading demand, and Huobi will announce the specific time in advance.It is reported that Hashflow is Binance's 31st Launchpool project, and Binance will list HFT in the innovation zone at 21:00 Beijing time on November 7. (Source link)

ChainCatcher news, Sun Yuchen tweeted that Huobi Global's headquarters will move to the Caribbean island nation of Dominica, collaborating with Dominica to develop crypto infrastructure. One of its main goals is to go to the Caribbean, as the region has a crypto-friendly community, with Dominica being a leader among them. (Source link)

ChainCatcher message, in response to recent rumors, Huobi Global stated that the executive team is performing their duties normally, and the rumors of large-scale layoffs are untrue.Currently, Huobi Global has good cash flow, and the new shareholders have completed their capital injection. Key regional markets are showing good development momentum, and in the future, we will continue to increase investment in expanding international markets, recruitment, and exploring innovative businesses. Given the current sluggish market conditions, the company also needs to make corresponding adjustments and improve efficiency, preparing for "winter." In the long run, we will continue to be optimistic and increase our investment in Web3, the metaverse, and other business sectors.Finally, we would like to reiterate that Huobi Global will always respect the laws and regulations of various countries and regions, safeguard the legitimate rights and interests of employees, and will not cross the red line.

ChainCatcher news, Huobi Global disclosed in its September operational report that it destroyed a total of 411,000 HT (worth approximately $1.863 million) in September, a decrease of 1.23% compared to August 2022.As of October 15, 2022, a total of 295,509,000 HT has been destroyed. The current supply of HT is 204,490,828 HT, with a circulating supply of 162,683,587 HT. (source link)

ChainCatcher news, Huobi Global exchange has removed 21 HUSD-related trading pairs on October 10 at 21:00, which are USDC/HUSD, BTC/HUSD, ETH/HUSD, HT/HUSD, DOT/HUSD, XRP/HUSD, LINK/HUSD, BCH/HUSD, LTC/HUSD, ADA/HUSD, EOS/HUSD, ETC/HUSD, TRX/HUSD, CRV/HUSD, UNI/HUSD, FIL/HUSD, ALGO/HUSD, OMG/HUSD, AAVE/HUSD, THETA/HUSD, DOGE/HUSD. (source link)