FOR IMMEDIATE RELEASE
(Los Angeles, CA) Lunar Digital Assets and ABBC Foundation have entered a strategic partnership after a thorough due diligence and platform review. Lunar Marketing will guide and assist the foundation in properly representing ABBC Coin’s true potential in disrupting not only the blockchain industry, but the eCommerce industry as well. Unfortunately, the project has been tainted by misinformation, cultural ignorance, and negativity towards the project as we have found countless disconnects between the actual facts and the negative portrayal of the coin and foundation in the media.
It is our belief that the ABBC Foundation was not prepared for the negative backlash stemming from the lawsuit, which was settled months ago with both parties happy. Up to this point, they did not have a proper marketing or public relations firm specializing in the crypto-space, nor a firm that truly understands the small intricacies in the world of blockchain and cryptocurrency marketing. Chief advisor of LDA, throughout the past few months have made various trips to Dubai to assess the project and conduct due diligence in person; despite the negativity from the press as well as influencers, we have concluded that:
Han Yoon, CEO of Lunar Digital Assets commented:
Many legitimate projects are often too focused on the development side and neglect the community building side. It is especially difficult for traditional marketing agencies to suddenly be asked to become the marketing arm of a crypto-blockchain project. The blockchain marketing space is a completely different world than traditional digital marketing space, and it can take years to fully understand and grasp the intricacies and best practices in this space. I sincerely believe that by being more transparent, active, and engaged with the community, we will be able to guide ABBC Foundation into the right direction and clear the air on many misconceptions and “FUD” around ABBC.
Long-time followers of Lunar Digital Assets and Lunar Marketing know by now that we do not associate ourselves with projects in which we think are weak. In fact, many would argue that the opposite is true-we take pride in our track record of partnerships with amazing projects with great teams, great visions, and great tech. Due diligence is embedded into the Lunar Marketing DNA, and it has been agreed by the directors at Lunar Digital Assets that ABBC Coin has enormous potential to shake up the ecommerce industry. But first and foremost, ABBC Coin needs guidance on appealing to the retail investors, transparency and engagement with supporters and community members, and the creation of content to help users better understand what the platform is and the purpose of the ABBC coin. This is not LDA’s first client that required reputation crisis management, and it most certainly won’t be the last.
First, let’s begin by clarifying and dispelling some misconceptions and FUD surrounding the project:
Although we can see why many would believe so, this is simply not the case. There has been a huge cultural misunderstanding, as Ali Baba is a very commonly used name in the middle east. Stemming from the “Ali Baba and the Forty Thieves” folk tale, which was written over four centuries ago, . If you have ever heard of the term “open sesame” being used to open a locked door, you have already been exposed to a famous phrase, a “secret key,” of the Ali Baba story.
To put things into perspective, a simple google maps search for “Ali baba” or “Alibaba” in Dubai yielded many results. When cross-referencing with other sites like Bing, Yahoo Maps, and the UAE Registrar of Companies database, it quickly became apparent that there are hundreds of businesses with the name “Ali baba.” Alibaba’s claim that this “trademark infringement” would hurt its bottom line in the United States seemed a bit far fetched.
Let’s take a look at a screenshot taken of ABBC Foundation’s website in February 2018, before Alibaba Group proceeded with their trademark infringement lawsuit.
There is not a single misleading or confusing piece of content on that site that would lead people to believe that the project was being operated by one of China’s most powerful conglomerate — well, besides the name which is already being used by hundreds if not thousands of companies, and perhaps the color orange. In fact, there’s more content that suggest the opposite, from picture of the massive Burj Khalifa building, a CEO greeting from someone who is definitely not of Chinese descent, to men clearly wearing keffiyehs in what seems to be a investor or developers meeting of some sort.
When we learned that the CEO of ABBC Foundation, Jason Philip’s dog was named Ali Baba, we really began to question the insensitive manner in which the media handled this whole ordeal — I wanted to condemn every media publication that unfairly represented ABBC without taking time to even take into consideration the cultural differences. You know who you are. If the roles were switched and a Chinese company tried to monopolize a very commonly used word in the United States, they would not last a week in court.
Another baffling media mis-representation was apparent when all the media outlets were declaring “huge win” and “massive, embarassing loss for the ABBC Foundation.” Except this narrative does not add up at all. After the preliminary injunction for ABBC Foundation to stop using the name Alibabacoin was thrown out, it was crystal clear that ABBC Foundation was winning in court. Paul Oetken of the Southern District of New York, the presiding judge over this case denied Alibaba’s motion on jurisdictional grounds, saying that it failed to show that the use of the Alibabacoin name would hurt its business prospects in New York. To add insult to the injury, Judge Oetken went as far as to say that “it [doesn’t] matter that Alibabacoin might eventually be listed on a New York exchange.”
Later that year both parties, the Alibaba Holdings Group, and the ABBC Foundation agreed to settle out of court, instead of proceeding before a United States Magistrate Judge. LDA reached out to law firm that specializes in corporate cases in the Southern District of New York, and the gentleman-who requested anonymity-was not appalled at the outcome of the case, but was more appalled at how misrepresented the case was in the media.
“A winning party with everything seemingly going towards their favor does not suddenly drop everything and call a year-long battle quits. There is a very high likelihood that there was some kind of special deal in the settlement for ABBC Foundation to even consider stopping its fight. From my years of experience in working similar cases, it appears that the media has it all wrong- ABBC Foundation did not lose the battle, rather Alibaba Group 1) was certain they were going to lose and decided to settle; 2) the group is interested in a trade secret or technology that ABBC Foundation is holding; or 3) they are monitoring the foundation closely to see how well the team executes and may be considering an acquisition or partnership, as it would fit their recent entry into the blockchain industry.. Of course, this is my interpretation of my limited knowledge of this case, what really happened behind closed doors is anyone’s guess. But from a logical standpoint, there’s more to this settlement than meets the eye-otherwise, the settlement papers would likely have been public already.”
ABBC Foundation is actually one of the most well-funded projects that we have engaged with. With offices in Dubai, Pakistan, Belarus, and soon, the United States, the entire team working on ABBC Coin easily surpasses 70 members when the marketing and business development team is also taken into account. As mentioned before, our chief advisor has flown many times to Dubai already to keep tabs on ABBC’s development and progress in both software and business. Despite some issues going on with the MC Wallet, which should be fixed within the few weeks, the shopping platform is looking great and fluid, and the new staking system should be very incentivizing for ABBC holders.