Viral ‘Peanut the Squirrel’ owner battles Binance over billion dollar PNUT memecoin Viral ‘Peanut the Squirrel’ owner battles Binance over billion dollar PNUT memecoin
The PNUT token listing on Binance stirs up past controversies and legal battles over trademarked imagery and stories.
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Updated: Dec. 16, 2024 at 11:34 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Mark Longo, known for his viral pet Peanut the Squirrel, has issued a “cease and desist” letter to Binance for the unauthorized use of his intellectual property.
On Dec. 16, Longo took to his X account, Squirrel_Dad, to reveal his legal actions while alleging that Binance used images and stories tied to his animals without permission.
The legal action
In his letter, Longo’s legal team outlined their claims, accusing Binance of violating copyright laws and intellectual property rights.
According to them, Binance promoted the PNUT token on its platform using the name “Peanut the Squirrel,” the “PNUT” branding, and even a copyrighted image of Peanut wearing a cowboy hat. The memecoin token has a $1.08 billion market cap as of press time.
The letter stated:
“As an initial matter, your use of the phrase PEANUT THE SQUIRREL, the term PNUT, and the PNUT Image is identical to our client’s PNUT Marks. That is to say, the PNUT Marks and the Infringing Marks impart the same commercial impression, making them legally identical.”
Longo warned that he could file a legal action against Binance if his rights were not respected.
Binance has yet to respond to CryptoSlate’s request for comment on the matter.
Meanwhile, Longo hinted at further action to safeguard his creative work. He emphasized that this legal action demonstrates his resolve to protect his intellectual property and hold Binance and other infringing platforms accountable.
He wrote on X:
“This is the first of multiple cease and desist letters to be issued. I’m committed to protecting my creative work and sending a clear message: unauthorized use of my IP will not be tolerated.”
PNUT tokens controversy
The lawsuit highlights the rising popularityโand conflictsโwithin the peanut-themed meme coin ecosystem.
Peanut the Squirrel became a viral sensation during the US presidential election after Longo clashed with New York’s Department of Environmental Conservation (NYS DEC) over the seizure of a Peanut and a raccoon in his care. The incident sparked public outrage after the Peanut died, with many prominent voices offering support.
This controversy inspired the creation of numerous meme tokens, with PNUT emerging as the most notable. The digital asset was listed on Binance last month.
However, Longo’s recent post referenced a “Justice for Peanut” (JFP) token, which he described as the legitimate PNUT coin.
Meanwhile, the ongoing dispute has influenced the token prices. According to CoinMarketCap data, PNUT has dropped by 5.6%, while JFP has seen a 10% rise in the past 24 hours.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
In this article
Beloved Peanut the Squirrel was taken away from his home by NYSDEC and euthanized.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.