DEX Trader Joe Sued for Trademark Infringement by Retail Chain Trader Joe’s
Trader Joe's DEX Faces Trademark Lawsuit from U.S. Retail Chain Trader Joe’s
The U.S. retail chain Trader Joe’s has filed a lawsuit against the decentralized exchange (DEX) Trader Joe, alleging trademark infringement due to the similarity in their names.
On October 5, 2023, Trader Joe’s filed a lawsuit against the crypto project in a California court, specifically naming the DEX founder Cheng Chieh Liu, a Chinese national residing in Singapore.
The lawsuit claims that the DEX Trader Joe has financially benefited from the use of a name closely resembling that of the Trader Joe’s retail chain, including the similar red color scheme in its logo.
Logos Comparison:
- DEX Trader Joe:
- Trader Joe's Supermarket:
The lawsuit states that Trader Joe’s has never authorized the DEX to use its trademark and has attempted to contact the DEX founder to cease the infringement. In response, the DEX founder allegedly took steps to obscure the origin of the project's name.
Consequently, Trader Joe’s is seeking a court order to stop the DEX from using its brand name and to cover the legal costs incurred.
Background on Trader Joe DEX
Trader Joe is a decentralized exchange launched in 2021 on the Avalanche blockchain and is a fork of SushiSwap. Recently, Trader Joe has expanded to several other networks, including Arbitrum, BNB Chain, and Ethereum.
According to DefiLlama data, the total value locked (TVL) on Trader Joe in the past 24 hours stands at over $77 million, a significant decline from its peak of over $2 billion at the end of 2021.
TVL Trend for Trader Joe:
Source: DefiLlama (10/10/2023)
Market Reaction
The price of the JOE token from Trader Joe has seen a slight decrease at the time of writing, likely due to the news of the trademark infringement lawsuit.
JOE/USDT Chart on Binance:
1-hour chart of JOE/USDT on Binance at 07:30 PM on October 10, 2023
