Mark Longo, owner of the late Peanut the Squirrel, a beloved social media influencer pet, has filed a lawsuit against the global cryptocurrency exchange Binance.
The legal action stems from allegations that Binance used images and stories related to Peanut without obtaining proper authorization.
Longo accuses the platform of infringing on his intellectual property (IP) rights and misusing the creative legacy he built for his famous squirrel.
Peanut The Squirrel Owner Files Case Against Binance
In a post on his X(Twitter) account, Squirrel_Dad, Longo confirmed the legal move, stating, “My legal team has initiated action against Binance for the unauthorized use of my IP.”
He emphasized the significance of intellectual property in today’s digital age, arguing that global platforms like Binance must respect copyrights and trademarks to protect creators’ rights.
Peanut the Squirrel was more than just a pet for Longo, it was a carefully cultivated brand. Longo asserts that Peanut’s image and associated content represent years of hard work and creativity, which he believes Binance has unfairly exploited.
“This isn’t just about a squirrel. It’s about safeguarding the originality of creative efforts in a world where IP theft is becoming alarmingly common,” Longo remarked in a follow-up interview.
The $PNUT Ecosystem and Meme Coin Drama
The lawsuit has stirred discussions in the crypto world, particularly within the niche market of Peanut-related meme coins. Longo’s newly launched “Justice for Peanut” (JFP) token has added another layer to the controversy.
Initially enjoying a market cap of $116 million earlier this month, the token’s valuation has since plummeted by over 95%, dropping to just $3 million.
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Critics on social media have accused Longo of leveraging the lawsuit for personal gain. Some users on platforms like X allege that Longo has a history of launching and abandoning meme coin projects.
“You rugged 5 separate contracts and made millions of dollars already, and we have all the proof. Everyone knows you’re a scamming value extractor,” one user alleged.
The Tragic Backstory of Peanut
Peanut the Squirrel gained national attention during the recent U.S. presidential election, following a conflict between Longo and New York’s Department of Environmental Conservation (NYS DEC).
In October, the agency confiscated Peanut and a raccoon from Longo’s care due to alleged violations of wildlife regulations. Tragically, Peanut died while in custody, sparking widespread public outrage.
The incident drew support from prominent figures, including Elon Musk, who called for transparency and accountability in the case.
Will Binance Delist $PNUT?
The lawsuit raises questions about the future of $PNUT, a Binance-listed memecoin inspired by Peanut’s popularity. With allegations of IP infringement now tied to the token’s branding, industry experts speculate that Binance may be compelled to reevaluate its support for $PNUT.
The platform could face mounting pressure to delist the coin, particularly if Longo’s legal claims gain traction.
As the legal battle unfolds, the crypto community remains divided. While some support Longo’s pursuit of justice for his beloved squirrel, others question his motives, citing the financial controversies surrounding JFP and other meme coin ventures. For now, both Binance and the Peanut ecosystem face a cloud of uncertainty, with the fate of $PNUT hanging in the balance.
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