Technology giant Oracle has filed a lawsuit against blockchain startup CryptoOracle, claiming trademark infringement and cybersquatting, according to the CoinTelegraph.
Cybersquatting is defined as "when a person other than the owner of a well-known trademark registers that trademark as an Internet domain name and then attempts to profit from it either by ransoming the domain name back to the trademark owner or by using the domain name to divert business from the trademark owner of the domain name," according to Cornell Law School.
In the lawsuit, Oracle alleges the blockchain startup's name has been selected "to trade on Oracle's reputation as an innovator and leader within the technology industry, and to evoke among consumers the goodwill that Oracle has built in its own famous brand," reports the CoinTelegraph.
CryptoOracle is an advisory firm that focuses on cryptocurrencies.