- October 10, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The well-known grocery store chain Trader Joe’s has initiated a lawsuit against a cryptocurrency-based Decentralized Finance (DeFi) platform, also named Trader Joe, as revealed in U.S. court filings dated Oct. 5.
Trader Joe’s alleges that the creators of the DeFi platform named their service “after the supermarket,” directly quoting a newsletter that still exists online.
That allegation aims to refute statements from one defendant in the case, Cheng Chieh Liu. When Trader Joe’s filed a complaint with the U.N.’s World Intellectual Property Organization (WIPO) in 2022, Liu asserted that the DeFi platform that he operates was named after his brother. WIPO ruled in favor of the DeFi platform at that time.
The grocery chain also alleges in its current complaint that the DeFi platform created a fictional narrative involving a “Trader Joe” who sells crops in a local market, evoking its grocery brand. Though the DeFi platform appears to have an original mascot, the grocery chain complains that the character’s red cap is similar to its red logo and branding.
Trader Joe’s wants DeFi platform penalized
Throughout its claim, Trader Joe’s said that the DeFi platform has capitalized on its more than 50 years of operations. In addition, it claimed that the DeFi platform harmed its reputation, noting that during Paris Blockchain Week, the DeFi platform ran a controversial “vandalism-based” promotional campaign, where its branding appeared on private property
Trader Joe’s has asked courts to prevent, or enjoin, the DeFi platform from using its trademarked name on its website, app, social media profiles, and in other contexts.
The grocery store also aims to obtain financial damages, including profits recovered from the DeFi platform, in order to compensate itself and cover legal fees. Furthermore, it intends to obtain ownership of various websites and domains linked to the DeFi platform.
Trader Joe’s said that it sent several cease-and-desist letters to the DeFi platform, noting that he platform’s operators did not respond to or comply with those requests. As of Wednesday, the DeFi website remains active and operational.
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