Mark Longo, the owner of the now-deceased influencer pet Peanut, has filed a legal complaint against Binance for intellectual property infringement. This conflict arises amidst the booming meme coin market and Peanut's significant role in the crypto world.
Mark Longo's Legal Campaign
Through a statement on social media, Longo confirmed his legal team's action against Binance. He emphasized his determination to defend his creative works, marking this as the first of several planned measures.
Controversy in Meme Coin Market
In the midst of a rapidly growing meme coin market, Longo launched the 'Justice for Peanut' token, which initially surged but then plummeted by 95%. The crypto community has accused Longo of exploiting the situation for financial gain, referencing his previous involvement in various crypto projects.
Peanut's Influence in the Crypto World
Peanut became a key figure in the meme coin ecosystem, inspiring the creation of multiple cryptocurrency tokens. His story gained traction after disputes with the NYS DEC and subsequent public support from high-profile figures like Elon Musk, which further boosted the popularity of tokens such as PNUT, that reached remarkable market capitalization.
The dispute between Longo and Binance underscores the complexity of protecting intellectual property in the realm of digital assets and highlights the necessity for ensuring content owners' rights are upheld in the crypto industry.
