Mark Longo, the owner of a now-deceased influencer squirrel, has filed a lawsuit against Binance, alleging unauthorized use of his intellectual property.
Legal Battle with Binance
Mark Longo, the owner of Peanut the Squirrel, has filed a lawsuit against Binance, accusing the platform of unauthorized use of the PNUT trademark and the image of the squirrel. Longo claims that Binance violated his intellectual property rights by using these materials without permission. He stated 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,"* Longo mentioned on his social media.
Justice for Peanut Token Decline
Amidst heightened activity in the meme coin market, Longo launched the Justice for Peanut (JFP) token, positioning it as the only real PNUT coin. Initially, the token surged to a market cap of $116 million, but its value then plummeted by over 95%, reaching $2.5 million. Longo continues to promote the coin, which has sparked controversy within the crypto community. Some members of the crypto community have expressed skepticism, accusing Longo of exploiting the situation for financial gain.
Peanut the Squirrel in Crypto World
Peanut the Squirrel, who gained fame as a social media influencer, became a key figure in the meme coin ecosystem. The squirrel's name gained wide recognition following its confiscation by the New York Department of Environmental Conservation. Tragically, Peanut died while in the custody of the department, sparking public outcry. High-profile figures, like Elon Musk, voiced support for Longo, enhancing the emotional appeal of Peanut's legacy. This also fueled the creation of meme coins based on its image and name.
The story of Peanut the Squirrel and the accusations against Binance highlight the complexities of intellectual property rights in the cryptocurrency world. Attention to this case is amplified by the public interest in meme coins.
