Mark Longo, owner of Peanut the Squirrel, has filed a lawsuit against cryptocurrency exchange Binance for allegedly unauthorized use of the famous squirrel's trademark and image.
Owner's Claims Against Binance
Mark Longo claimed that Binance violated his intellectual property rights by using Peanut's brand and image. He noted that his legal team has already issued a cease-and-desist letter to the exchange.
Legal Battle Amidst Meme Coin Frenzy
The dispute with Binance coincides with heightened activity in the meme coin market. Longo recently launched the 'Justice for Peanut' token, which initially surged to a market cap of $116 million before collapsing by over 95%. Despite the decline, Longo continues to promote the token, sparking controversy. Some accuse him of leveraging the situation for financial gain.
The Rise of Peanut in the Crypto World
Peanut the Squirrel became known in the crypto community as an influential figure in the meme coin ecosystem. The story behind the creation of tokens based on Peanut's image involves several incidents, including the tragic death of the pet, garnering support from public figures like Elon Musk. The launch of the PNUT meme coin saw its market cap soar to $1 billion.
The case of Peanut the Squirrel and its owner Mark Longo highlights issues of intellectual property protection and ethical business conduct in the crypto space.
