The owner of a popular squirrel named Peanut has filed a lawsuit against Binance, accusing them of unauthorized use of his trademark and image. This happens amid an active surge in meme tokens.
Legal Battle for Peanut the Squirrel
Mark Longo, the owner of the now-deceased influencer squirrel Peanut, filed a legal complaint against Binance, one of the largest cryptocurrency exchanges worldwide. The accusation alleges unauthorized use of the 'PNUT' trademark and the image of Peanut the Squirrel on the Binance platform. Longo confirmed that his legal team has issued a cease-and-desist letter to Binance.
> *"My legal team initiated action against Binance for the unauthorized use of my intellectual property, including images and stories featuring my beloved animals."*
Collapse of the JFP Meme Token
The legal dispute with Binance comes amidst heightened activity in the meme coin market. Longo recently launched the 'Justice for Peanut' (JFP) token, positioning it as the 'only real PNUT coin'.
The token initially saw a massive surge, reaching a market cap of $116 million, but its value has since plummeted by over 95%, now sitting at just $2.5 million. Despite this decline, Longo continues to promote the coin, which has sparked controversy within the crypto community.
The Fame of Peanut the Squirrel in the Crypto World
Peanut the Squirrel, who gained fame as a social media influencer, became a key figure in the meme coin ecosystem. Longo’s pet was not only a viral sensation but also the catalyst for the creation of numerous cryptocurrency tokens.
Tragically, Peanut died while in the custody of the New York Department of Environmental Conservation, sparking a wave of public outcry. High-profile figures, including Elon Musk, voiced their support for Longo, drawing attention to the incident. This incident became a pivotal point for the creation of numerous meme coins based on the squirrel's image and name.
Longo's dispute with Binance highlights the intellectual property challenges in the age of decentralized technologies. Meanwhile, Peanut's story continues to impact the meme token ecosystem, demonstrating the complexities of copyright protection in the crypto industry.
