Mark Longo, the proprietor of Peanut the Squirrel, has filed a lawsuit against Binance for purported intellectual property violations.
Mark Longo, the proprietor of the internet celebrity Peanut the Squirrel, has initiated legal proceedings against Binance, a global cryptocurrency exchange. He claims that the company violated his intellectual property rights by utilizing Peanut’s images and narratives without his consent.
Longo contends that this unauthorized use violates his rights and diminishes the originality of his creative work.
“My legal team has taken legal action against Binance for the unauthorized use of my intellectual property, which includes images and stories that feature my cherished animals.” There will be numerous cease and desist letters issued, with this being the initial one. Longo declared on his X account, Squirrel_Dad, that he is dedicated to safeguarding his creative work and conveying a clear message: unauthorized use of my IP will not be tolerated.
The market reaction has been relatively subdued, despite the legal battle. The value of the Peanut the Squirrel (PNUT) token has only barely decreased in the past 24 hours, falling by 2.10% to $1.12. It is currently trading at $1.12.
This legal dispute has further exacerbated the already contentious ecosystem of meme coins related to Peanuts. Longo has initiated the promotion of his recently launched Justice for Peanut (JFP) token, which he is positioning as the “only genuine PNUT coin.” Despite an initial market cap increase to $116 million earlier this month, JFP’s valuation has plummeted by more than 95%, presently at $3 million.
This lawsuit and Longo’s subsequent meme coin launches have incited controversy. Community members have accused Longo of exploiting the situation for profit on social media platforms such as X, expressing skepticism about his motives.
“We have all the evidence to prove that you have already earned millions of dollars from five distinct contracts. Everyone is aware that you are a value extractor who is scamming,” commented one user.
A troubling incident involving Longo and New York’s Department of Environmental Conservation (NYS DEC) resulted in Peanut the Squirrel becoming one of the most contentious issues during the US Presidential election. From Longo’s custody, the agency confiscated a raccoon and Peanut in late October. Sadly, it was later revealed that Peanut passed away while in custody, which sparked a public outcry that was backed by prominent figures such as Elon Musk.
Subsequently, the crypto community introduced numerous meme currencies that revolved around the squirrel. In particular, PNUT’s Binance listing on November 11 increased its market relevance.
The Peanut the Squirrel debate also shows bigger trends in the cryptocurrency market, especially when it comes to joke coins. In the eleven days following its inception, PNUT achieved an extraordinary market capitalization of $1 billion. In contrast, Dogecoin (DOGE) required 1,487 days to achieve the same financial milestone.
Also Read: OpenSea Registration in Cayman Islands ignites token airdrop rumors
Wallets