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Cybersquatting is the act of registering a popular Internet address--usually a company name--with the intent of selling it to its rightful owner. Comparing cybersquatting to online extortion, Senator Spencer Abraham, a Michigan Republican, has introduced to Congress the Anti-Cybersquatting Consumer Protection Act.
What is cybersquatting? Cyber squatting is the act of registering a domain time that is similar to an already established domain and then either 1) trying to steal back the name to the original trademark owner or 2) using the name in bad faith