Binance Receives Cease-and-Desist Over PNUT from Peanut the Squirrel’s Owner
Squirrel Caretaker Challenges Binance Over Alleged IP Misuse
Mark Longo, caretaker of the late internet-famous Peanut the Squirrel, has issued a cease-and-desist letter to Binance, accusing the crypto exchange of infringing on his intellectual property with its listing and promotion of the PNUT meme coin. Longo claims the listing was done without authorization and asserts that the exchange violated U.S. copyright and trademark laws.
The letter highlights the unauthorized use of a copyrighted image of Peanut in a cowboy hat, along with trademarks including "PEANUT THE SQUIRREL," "P’NUT," and "PNUT." According to Longo, these actions have created confusion among consumers, suggesting an affiliation between his brand and the cryptocurrency. The letter demands Binance cease all infringing activities by December 31, 2024, though it remains unclear what enforcement measures Longo’s team might pursue.
Longo’s statement on X, formerly Twitter, indicates this is the first of several planned legal actions aimed at protecting his creative work. However, some legal experts question the practical enforceability of such claims in the decentralized and often jurisdictionally complex world of cryptocurrency. Binance has not issued a public response to the allegations.
The Rise and Controversy of PNUT
Peanut the Squirrel, a beloved figure from Longo’s animal sanctuary, became a viral sensation before tragedy struck in November when New York state officials seized Peanut and a raccoon named Fred due to wildlife regulations. Both animals were euthanized shortly after, triggering widespread public outrage.
Amid the public uproar, meme coins themed around Peanut began to gain traction, with PNUT emerging as the most notable. Following its listing on Binance, PNUT’s market cap soared to $1 billion within days, driven by intense trading activity.
In response, Longo introduced his own token, “Justice for Peanut and Fred” (JFP), calling it the “only real PNUT coin.” Despite its initial promise, JFP’s value has since plummeted by over 95%, sparking criticism from some in the crypto community who accuse Longo of leveraging Peanut’s legacy for financial gain.
The clash between Longo and Binance underscores the ongoing challenges of intellectual property enforcement in the fast-evolving cryptocurrency space. As meme coins continue to proliferate, disputes over rights and authenticity are likely to persist, raising questions about accountability and regulation in digital markets.
This article has been refined and enhanced by ChatGPT.
