The owner of Peanut the Squirrel, a famous influencer pet, has filed a lawsuit against Binance for intellectual property infringement. The dispute emerges amid a growing interest in meme coins.
Legal Battle with Binance
Mark Longo, the owner of Peanut the Squirrel, has initiated legal proceedings against Binance, accusing the exchange of unauthorized use of the 'PNUT' trademark and Peanut's image. Longo announced on social media that his legal team has sent a cease-and-desist letter to Binance, emphasizing that this is only the first step in protecting his intellectual property.
Return of 'Justice for Peanut' Token
Amid the legal dispute, Longo launched the 'Justice for Peanut' token, claiming it to be the only real PNUT coin. Initially, the token reached a market cap of $116 million but has since plummeted over 95%, casting doubt on its value. Despite this, Longo continues to promote the token, sparking controversy in the crypto community. Some accuse him of exploiting the situation for personal gain, referencing past occurrences of significant earnings from crypto projects.
Impact of Peanut the Squirrel on Crypto World
Peanut the Squirrel became a meme phenomenon in the cryptocurrency world, inspiring the creation of numerous tokens. Peanut's popularity surged following a conflict with New York's environmental department, leading to her tragic death in their custody, sparking public outcry and support from high-profile individuals like Elon Musk. This added significance and emotional weight to meme coins related to Peanut, with the PNUT coin reaching a $1 billion market cap shortly after its launch.
The dispute between Longo and Binance highlights the complex interplay between traditional intellectual property rights and the rapidly evolving cryptocurrency sector. Future developments will determine how Peanut the Squirrel’s owner will defend his rights in a turbulent market.
