Nano Labs Files Explosive Copyright Lawsuit to Slam Coinbase's Futures Contract

The maker of the digital currency Nano (NANO), Nano Labs, charged Coinbase with using futures contracts in documents submitted to the United States District Court for the Northern District of California on February 24. Nano Ethereum and Bitcoin contracts.

Their trademark rights were breached by futures items. In order to prevent Coinbase from utilizing the word "Nano" and any associated trademarks and domain names of a similar kind, NanoLabs is requesting the court to grant an injunction.

Additionally, Nano Labs claims that these infractions cost the business money and hurt the company's reputation, resulting in actual and irreparable damages.

Additionally, NanoLabs is requesting at least $5 million in damages, the removal of all Coinbase advertisements that violate the Nano trademark, as well as the forfeiture of any revenues made from the use of the Nano trademark by this exchange. They demanded a jury trial.

According to the plaintiffs, the leading U.S. bitcoin exchange Coinbase's products are marketed to the same consumers as Nano Labs' and bear the same trademarks.

Moreover, Nano Labs had earlier claimed that this exchange had a complete understanding of the Nano digital currency prior to the debut of its product because contact between the two businesses started in 2018. This allegedly resulted in the exchange rejecting Nano Lab's request to list Nano on Coinbase.

Nano, a digital currency, is said to have been established by Colin LeMahieu in 2014. On January 31, 2018, Nano replaced RaiBlocks as the name. Years later, on June 27, 2022, and August 29, 2022, respectively, Coinbase issued the futures contracts known as Nano Bitcoin futures and Nano Ethereum futures.