Peanut the Squirrel’s Owner Sues Binance for IP Infringement
Mark Longo, the owner of Internet celebrity Squirrel Peanuts, has taken legal action against global cryptocurrency exchange Binance.
He accused the company of violating his intellectual property rights by using Peanut’s images and narrative without permission.
Squirrel Peanuts (PNUT) price remains unchanged despite legal action
Longo claimed that this unauthorized use violated his rights and diminished the originality of his creative work.
“My legal team filed a lawsuit against Binance for unauthorized use of my intellectual property, including images and stories featuring my beloved animals. This is the first of multiple cease and desist letters to be sent. I Committed to protecting my creative work and sending a clear message: Unauthorized use of my intellectual property will not be tolerated.” Longo. Announce on his X account Squirrel_Dad.
Despite the legal dispute, market reaction has been relatively muted. Squirrel Peanut (PNUT) The token has only slightly declined in value, down 2.10% in the past 24 hours, and is currently trading at $1.12.
The legal dispute adds fuel to an already contentious peanut-related ecosystem. Meme Coin. Longo has begun promoting his newly launched “Peanut Justice” (JFP) token, positioning it as “the only true PNUT token.” Although its initial market capitalization soared to $116 million earlier this month, JFP’s valuation has fallen by more than 95% and currently stands at $3 million.
The lawsuit and Longo’s subsequent launch of the meme coin sparked controversy. On social media platforms such as X, community members expressed doubts about Longo’s motives, accusing him of taking advantage of the situation.
“You signed 5 separate contracts and have made millions of dollars, we have all the evidence. Everyone knows you are a scam value extractor,” one user commented.
Squirrel peanuts became one of the biggest topics of debate during the U.S. presidential election due to disturbing incidents involving Longo and the New York Department of Environmental Conservation (NYS DEC). In late October, the agency confiscated peanuts and a raccoon from Longo’s care. Sadly, it was later revealed that Peanut had died in custody, causing a public outcry Famous figures like Elon Musk.
Subsequently, the crypto community launched many meme coins surrounding the squirrel. In particular, PNUT achieved a Binance listing November 11, making it more relevant in the market.
The controversy surrounding Squirrel Peanuts also reflects larger trends in the cryptocurrency market, particularly meme coins. PNUT’s market capitalization reaches a staggering US$1 billion It has only been online for 11 days. For comparison, it took Dogecoin (DOGE) 1,487 days to reach the same financial milestone.
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