In his complaint against Binance, Mark Longo, the owner of the viral Peanut the Squirrel, claims that the cryptocurrency exchange violates his intellectual property (IP). According to Longo, the platform exploited Peanut-related photos and tales without getting his permission.
On his X account, Squirrel_Dad, Longo posted, “My legal team filed a lawsuit against Binance for the unlawful use of my intellectual property, including pictures and narratives involving my cherished animals.”
Longo Indicates Upcoming Legal Actions
Longo cautioned in his statement that as he fights to safeguard his artistic creations, this action may be the first of many.
Longo said, “This is the first of many cease-and-desist letters to be issued.” “I’m determined to protect my artistic creations and make it abundantly evident that unapproved use of my intellectual property will not be accepted.”
The ecosystem of meme currencies with peanut themes is becoming more tense, which is why this legal action was taken.
The Justice for Peanut (JFP) Token’s Ascent and Decline
Longo launched the “Justice for Peanut” (JFP) token earlier this year, marketing it as the “only real PNUT coin.” After an early spike, the token’s market value reached $116 million. It is currently valued at over $3 million, but its value has since fallen by about 95%.
The current lawsuit and Longo’s role in meme coin launches have caused conflicting responses throughout the cryptocurrency community.
Some users on sites like X have charged Longo with taking advantage of the dispute for his own financial benefit. According to one critic, “You have already earned millions of dollars by securing five different contracts.” Everyone is aware that you are only taking advantage of others.
A History of Controversy Around Peanut the Squirrel After a disagreement between Longo and the New York Department of Environmental Conservation (NYS DEC), Peanut the Squirrel became well-known during the U.S. presidential election. Peanut and a raccoon were taken from Longo’s custody by the agency. Peanut tragically passed away while in state care, as was later discovered.
Public outcry was sparked by the occurrence, and prominent people like Elon Musk expressed their support for Longo.
The Role of Binance in the Meme Coin Craze
A number of meme coins were created in response to the Peanut dispute, with PNUT standing out. PNUT’s market appeal was further enhanced on November 11 when it was listed on Binance.
PNUT’s market capitalization soared to $1 billion just 11 days of its introduction, a feat that took Dogecoin (DOGE) more than four years to accomplish.
As the legal dispute progresses, discussions concerning intellectual property, cryptocurrency innovation, and the morality of meme coin marketing are still sparked by Peanut’s legacy.
