Intellectual Property Dispute: Viral Sensation 'Peanut The Squirrel' and Binance's PNUT Memecoin

By: Eva Baxter

Mark Longo, the caregiver of the internet's beloved viral sensation, Peanut the Squirrel, has taken legal action against Binance, one of the leading cryptocurrency exchanges. Longo accuses Binance of unauthorized use of his intellectual property, including images and stories related to Peanut, to promote the PNUT meme token. On December 16, Longo publicized his actions on his social media account, alleging that Binance's promotion of PNUT involved using copyrighted imagery of Peanut adorned in a cowboy hat and leveraging the 'Peanut the Squirrel' name without permission.

The legal document sent by Longo's legal team outlines accusations of infringement, citing Binance's utilization of the 'PNUT' branding and related images as a direct violation of Longo's intellectual property rights. The PNUT meme token, boasting a substantial market capitalization of $1.08 billion, has become a focal point due to its association with Longo's viral pet. Longo emphasized his resolve to protect his creative work, indicating plans for additional legal actions against other infringing platforms.

This legal confrontation underscores the growing tensions within the rapidly expanding meme coin ecosystem, particularly those themed around Peanut. The interest in such tokens surged after incidents involving the New York State Department of Environmental Conservation, following the dramatic seizure and subsequent death of Peanut, which created significant public outcry and caught the attention of influential advocates.

The PNUT token, recently listed on Binance, has sparked controversy and competition with the emergence of a rival coin, "Justice for Peanut" (JFP), which Longo cites as the rightful representation of the Peanut-themed cryptocurrency. Market dynamics have reacted to these events, with PNUT's value declining by 5.6% while JFP surged by 10% in recent trading sessions, reflecting the ongoing impact of this dispute. As the situation unfolds, observers await Binance's comment on the allegations, and how this legal battle will shape intellectual property rights in the ever-evolving cryptocurrency sector.