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Peanut the Squirrel Owner Sues Binance Over PNUT Trademark
Mark Longo, the owner of viral sensation Peanut the Squirrel, has launched a legal action against cryptocurrency exchange Binance over alleged unauthorized use of his intellectual property. The dispute centers around Binance’s use of the PNUT meme token and its associated imagery, which Longo claims infringes on trademarks he has used since April 2017.
According to reports, Longo’s lawyers have issued a cease-and-desist letter demanding that Binance halt all infringing activities by December 31. The potential consequences of non-compliance could be severe, with penalties for intentional trademark infringement potentially reaching $150,000 per violation.
This development comes as the PNUT token experiences significant market volatility. Following its addition to Coinbase’s listing roadmap, the meme cryptocurrency experienced a 20% price surge before plummeting by over 54% from its all-time high of $2.47 in November 2024. The origins of PNUT’s popularity can be traced back to October 2024, when a rabies scare involving Peanut the Squirrel transformed the animal into an internet phenomenon.
Longo emphasizes that his connection to Peanut and the associated intellectual property goes beyond mere business interests. He has even gotten a tattoo to demonstrate his commitment to what he describes as a “movement.” Longo has vowed to bring “BILLIONS of eyes” to this movement, hinting at a broader mission beyond the immediate legal dispute.
It’s worth noting that this is not an isolated incident for Longo. His legal team has indicated that this action against Binance is merely the first of multiple cease-and-desist letters to be issued in the coming weeks. This suggests a broader campaign to protect what they view as unauthorized uses of Longo’s intellectual property across the cryptocurrency space.
The controversy surrounding PNUT’s use of Peanut the Squirrel’s image has significant implications for the broader crypto market, particularly in light of the recent surge in popularity of meme coins.
Source: cryptotale.org
