Mark Longo is the caretaker for the internet’s late Peanut the Squirrel. He has issued a cease and desist to Binance regarding its listing of the PNUT coin. He's accusing the crypto exchange of infringing his intellectual property because it listed and promoted the meme coin.
According to Longo, the listening and marketing of PNUT was done without authorisation.
“This is the first of multiple cease-and-desist letters to be issued. I’m committed to protecting my creative work and sending a clear message: Unauthorized use of my IP will not be tolerated,” “Squirrel_Dad” Longo has written on X (formerly Twitter).
Binance’s violation of Longo’s rights to exclusive copyright, trademark and other U.S. laws is noted in the cease-and desist letter.
In the letter, Peanut is shown wearing a Cowboy Hat and other trademarks. "PEANUT THE SQUIRREL," "P’NUT," You can also find out more about the following: "PNUT."
Binance has created a potential for consumer confusion by implying PNUT crypto and Longo’s as a partnership, the letter states.
“Consumers familiar with our client’s use of the PNUT Marks on educational, entertainment, and fundraising services will be confused into believing that your cryptocurrency is somehow sponsored, endorsed, or related by our client,” It is a state.
Binance is required to acknowledge receipt of the letter, and end all infringing activity by December 31st 2024.
Longo’s attorney claims that they have the legal right to bring a lawsuit for damages, an injunction, and attorneys fees under U.S. Copyright Act. Copyright Act. This Act gives creators the right to distribute and display publicly their work.
The same thing happened last month, when Philip Banks the creator of the viral video was arrested. “Just a Chill Guy” The meme character announced that he would enforce the copyright on himself.
Banks, the artist whose work inspired the "CHILLGUY" Concerns about the use of meme coin in crypto and unauthorized products led to concerns.
Binance didn’t immediately reply to an inquiry for a comment by Decrypt.
Peanut the Squirrel’s Legacy
Longo’s animal sanctuary, where Peanut lives, was widely known online years ago.
After citing regulations governing wildlife, New York State officials took Peanut and Fred the raccoon in November. The animals were both euthanized soon after. This sparked public outrage, and media attention.
PNUT, the leading meme coin featuring peanuts, began to gain popularity. PNUT’s market cap reached $1 billion within days of Binance listing it. This was due to a spike in trading.
Longo responded by launching his own token. “Justice for Peanut and Fred” JFP, calling it the “only real PNUT coin.” JFP has seen its value plummet by more than 95%. Some in the crypto-community have accused Longo of using Peanut’s legacy to make money.
According to CoinGecko, PNUT has fallen by 41% over the past month.
Stacy Elliott is the editor.