In summary
- Mark Longo sent a letter to Binance accusing them of copyright infringement with the PNUT memecoin.
- Binance faces accusations of confusing consumers by associating PNUT with Longo’s brand.
- PNUT lost 41% of its value this month, while Longo’s JFP token fell more than 95%.
Mark Longo, the caretaker of the famous late Peanut the Squirrel, has sent a cease and desist order to Binance over its listing of the PNUT memecoin. He is accusing the Cryptocurrency exchange of infringing on his intellectual property because it listed and promoted the memecoin.
PNUT’s listing and marketing were done without authorization, according to Longo.
“This is the first of multiple cease and desist letters that will be issued. I am committed to protecting my creative work and sending a clear message: Unauthorized use of my intellectual property will not be tolerated,” wrote “Squirrel_Dad” Longo on X, formerly known as Twitter.
The cease and desist letter states that Binance violated Longo’s exclusive rights under US copyright and trademark laws. It specifically highlights the unauthorized use of a copyrighted photograph of Peanut wearing a cowboy hat and trademarks including “PEANUT THE SQUIRREL,” “P’NUT,” and “PNUT.”
Binance’s actions have created a likelihood of consumer confusion, implying an association between Longo’s brand and the PNUT cryptocurrency, according to the letter.
“Consumers familiar with our client’s use of our client’s PNUT Marks in educational, entertainment and fundraising services will be confused into believing that their cryptocurrency is in any way sponsored, endorsed or related to our client,” it states.
The letter demands that Binance acknowledge its error and cease all infringing activities by December 31, 2024.
Longo’s legal counsel claims to have the right to sue for damages, injunctive relief, and attorneys’ fees under the US Copyright Act. The Act protects the rights of creators to reproduce, distribute, and publicly display their works.
A similar situation unfolded last month when Philip Banks, the artist behind the viral “Just a Chill Guy” meme, announced plans to enforce copyright protections on his character.
Banks, whose artwork inspired the “CHILLGUY” memecoin, expressed concern about its use in unauthorized crypto merchandise and projects.
Binance did not immediately respond to a request for comment from Decrypt.
Peanut’s Legacy
Peanut, a pet squirrel, gained wide recognition online years ago as part of the Longo Animal Sanctuary.
The story took a tragic turn when New York state officials confiscated Peanut and a raccoon named Fred in November, citing wildlife regulations. Both animals were euthanized shortly after, triggering public outrage and widespread media coverage.
Peanut-based themed memecoins began to emerge, with PNUT emerging as the most prominent. Days after its spot listing on Binance, PNUT reached a market capitalization of $1 billion, driven by an increase in trading activity.
In response, Longo launched his own token, “Justice for Peanut and Fred” (JFP), calling it the “only real PNUT coin.” However, JFP’s value has fallen more than 95%, and some in the crypto community have criticized Longo for allegedly using Peanut’s legacy to make a profit.
PNUT is now trading for $1.08, after falling 41% in the last month, according to data from CoinGecko.
Edited by Stacy Elliott.
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