Popular Chain of Restaurants Impleads FTX Crypto Exchange in a Lawsuit

Cryptocurrency Exchanges News

A lawsuit relating to infringement of trademark/copy right of a symbol has been lodged against emerging crypto trade giant FTX by “Jack in the Box”, which is the world-class chain of multiple restaurants with multiple locations across the US. The restaurant chain company has raised an allegation that FTX has stolen its symbol “Moon Man” and when FTX was told to restrain from using the symbol, the crypto trading firm denied and thus the lawsuit.

There have been many famous fast food spots in the US but none can match the taste as that of Jack in the Box. Jack in the Box (JIB) is a chain of more than 2,200 restaurants spreading across entire US and even in Guam. The specialty of this world-class restaurant chain is the finest and most delicious hamburgers which the Americans cannot resist.

However, at presently, JIB is having a little problem as there has been a dispute arose with a crypto trading platform. JIB has informed that it has filed a lawsuit of the infringement of copyrights against a crypto trading platform called “FTX”. According to JIB, FTX has stolen JIB’s mascot of “Moon Man” and using the same actively. However, an opportunity was offered by JIB to FTX which was denied by FTX and therefore JIB has had to lodge a lawsuit.

On the other hand, FTX, which is one of the fastest growing crypto trading platform of the world, was founded by Sam Bankman-Fried. Bankman-Fried is a known businessman and enjoys an impeccable reputation amongst American business community. In the suit both, FTX along with its founder, Bankman-Fried, have been impleaded as defendants. The case has been filed in California’s South District Court and was admitted by the Court on 3rd November, 2021 for hearing. The allegation in the suit is that FTX US has been illegally utilizing the mascot which is exclusively owned by JIB. This resulted in infringement of property and trademark rights as the mascot is protected under a copyright.

JIB also alleged in the lawsuit that ample opportunity was offered to FTX US prior to filing of infringement suit. However, the crypto trading platform refused to abide by the law and went onto to use the mascot deliberately. Consequently, huge loss of reputation, monetary and goodwill has occurred to JIB, as has been claimed in the lawsuit.

JIB has prayed to the court that FTX US should immediately be estopped from showcasing the “Moon Man” in its advertisements campaigns. Also, every content of FTX US, depicting the Moon Man, must forthwith be removed. In addition, the loss caused to JIB should be compensated by FTX US, prayed JIB in the lawsuit.

However, there hasn’t been any response on the dispute from the FTX US’s side. An official of FTX US has however said that they will contest the case in the Court.

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