Peanut the Squirrel Owner Takes Legal Action Against Binance Amid PNUT Meme Coin Controversy

Mark Longo, the original owner of the beloved Peanut the Squirrel, has initiated legal action against Binance, claiming the crypto exchange unlawfully used his intellectual property by listing the PNUT meme coin. Longo’s legal team has sent a cease-and-desist letter, alleging copyright infringement and unauthorized use of Peanut’s image and name.

JUSTICE Token Surges 200% Amid Legal Battle

As news of the legal dispute surfaced, Longo’s own cryptocurrency, JUSTICE (For Pnut and Fred), saw a dramatic 200% increase in value, according to DEX Screener. Over the past 24 hours, the JUSTICE token (JFP) has risen another 32%, boasting a market cap of $361,000 and liquidity of $108,000.

Conversely, the PNUT token experienced a downturn, losing 6.5% in value in the same period. Despite the drop, PNUT still maintains a staggering market cap exceeding $1 billion.

Legal Claims Over Copyright and Trademark Infringement

Longo’s legal team asserts that the PNUT token uses an image of Peanut wearing a cowboy hat, which was taken from Longo’s social media account without authorization. In a post on his X account, @Squirrel_Dad12, Longo emphasized his determination to protect his intellectual property, stating, “Unauthorized use of my IP will not be tolerated.”

The cease-and-desist letter, authored by attorney Sara M. Dorchak, accuses Binance of violating U.S. copyright laws by distributing and selling the PNUT token featuring the image of Peanut. The letter also highlights that Longo has filed an application to register the copyrighted image with the U.S. Copyright Office, which could solidify his legal claim under the U.S. Copyright Act (17 U.S.C.).

Coinbase Listing in Question

Binance listed the PNUT meme coin on November 11, leading to a massive price surge of up to 478%. However, Longo’s legal action has cast uncertainty on the token’s future. Coinbase recently announced PNUT’s inclusion in its asset roadmap on December 11, but it remains unclear if the exchange will proceed with the listing amid the ongoing controversy.

The Story Behind Peanut the Squirrel

Peanut became a social media sensation after Longo rescued the squirrel from a car accident. Longo documented Peanut’s adventures alongside a raccoon named Fred on Instagram, building a loyal following. However, the New York City Department of Environmental Conservation later seized the animals after anonymous complaints, and Peanut was euthanized by authorities.

In response to the PNUT token community’s alleged exploitation of Peanut’s story, Longo launched the JUSTICE token as a way to reclaim his narrative and support his non-profit initiatives.

Ongoing Legal and Market Implications

This legal confrontation highlights the growing challenges surrounding intellectual property rights in the cryptocurrency space. With Longo planning additional legal actions and major exchanges like Coinbase potentially re-evaluating their stance, the outcome of this case could set significant precedents for the crypto industry.

As the PNUT saga unfolds, both the crypto market and the legal community are closely watching the impact on meme coins, intellectual property disputes, and investor sentiment.