Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Binance Sues ‘Cryptofelon’ for Demanding 25 BTC Domain Name Price

Cryptocurrency Jul 18, 2022 08:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters Binance Sues ‘Cryptofelon’ for Demanding 25 BTC Domain Name Price
 
META
-0.93%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TWTR
-1.35%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

  • Binance and a Twitter (NYSE:TWTR) user are disputing the ownership of the domain name ‘binance.ca.’
  • Cryptofelon alleged that Binance was using its power to bully him for not accepting their offer of $6,500.
  • While Binance disputes the case at a Canadian court, the domain name registrar received a court order to suspend Cryptofelon’s access to it.

Binance, the largest cryptocurrency exchange, and a Twitter user @cryptofelon are disputing over the ownership of the domain name binance.ca. Cryptofelon has cried out, alleging that Binance is using its power to bully him into relinquishing the domain name he acquired in 2017.

Cryptofelon detailed his allegations in a Twitter thread on July 15, 2022, where he said Binance’s executive director of global partnerships, Min Lin, contacted him via LinkedIn on November 16, 2021, concerning the Canadian domain name.

The Binance official asked him to name his price, and he responded, “I’d be willing to part with it for 30.0 BTC or 420.0 ETH.” The Binance executive considered the price “unreasonable” and offered $6,500 instead. However, both parties could not reach an agreement as the seller said he would not take anything below 25 bitcoin in exchange, which was worth over $1.8 million at the time.

Cryptofelon claimed Binance suddenly stalled on the offer, resorted to coercion via threats of legal action, and accused him of breaching the organization’s trademark rights. Binance also accused Cryptofelon of using the Binance name for excessive profit, a claim which Cryptofelon fervently denied.

‍Cryptofelon argued that he registered the contentious domain name long before Binance acquired the rights to its trademark. He also claimed to have bought the domain name for a project he planned to set up.

It is a common practice for people to register domain names hoping someone or a company will be willing to acquire them at good pay in the future. For example, a 2010 report by Techcrunch discloses how Facebook (NASDAQ:META) paid up to $8.5 million to acquire Fb.com from the previous owner.

Cryptofelon had, in April 2022, recounted how he bought a domain for $16 and sold it to a centralized exchange for nearly half a million dollars.

Binance currently disputes this case at a Canadian court, while the domain registrar of binance.ca received a court order to suspend Cryptofelon’s access to it.

Continue reading on CoinQuora

Binance Sues ‘Cryptofelon’ for Demanding 25 BTC Domain Name Price
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email