Late last night ABBC Foundation of Alibabacoin, announced their intentions to stop using the name Alibaba in their endeavors moving forward. Both Alibaba Group Holdings Ltd, as well as ABBC Foundation lawyers have confirmed the news, as well as insiders that are closely working on the project. This piece of news came not even a day after it was unveiled that the two have opted to not appear in front of a federal judge, but to rather have settlement discussions.
Many are speculating that there must have been a mutual understanding or agreement made between the two entities, as the judge was actually presiding in favor of ABBC Foundation. Many industry insiders suspect that there is more to this settlement than meets the eye, as both parties have been awfully secretive about the details of the settlement.
The token traded at around -15% today after a very impressive 1000% run in the month of February, outperforming all coins and securing its spot in the top 50 coin by market capitalization. We are expecting big news to come out of either Alibaba or the ABBC camp very shortly, whether it be news about a merge, buyout, cooperation, more exchange listings, or an updated roadmap. Only time will tell, but for now ABBC is definitely a coin to watch closely.