Mark Longo, the original owner of the Peanut the Squirrel (PNUT) token, has taken decisive legal action by sending cease and desist letters to Binance. Longo’s legal representatives allege that the exchange is infringing upon his intellectual property rights associated with the PNUT meme coin.
In a recent announcement, Longo indicated plans to issue additional cease and desist letters citing “unauthorized use of my intellectual property” following the communication sent to Binance. This comes amid a notable surge in the value of Longo’s own token, JUSTICE (For Pnut and Fred), which saw an increase of over 200%. As of now, JUSTICE has gained 32% in the last 24 hours, boasting a market cap of $361,000.
Conversely, the PNUT token has experienced a decline of 6.5% within the same trading period, though it retains a robust market capitalization exceeding $1 billion.
Longo’s legal team emphasized their client’s “exclusive rights” under U.S. copyright laws regarding the image and name of the PNUT token. The image used features Peanut the Squirrel in a cowboy hat, sourced from Longo’s social media accounts.
“This is just the beginning of multiple cease and desist letters to be issued. I am committed to protecting my creative work, and I will not tolerate unauthorized use of my intellectual property,” stated Longo.
The legal developments come on the heels of Coinbase’s recent asset roadmap, which includes the PNUT meme coin. However, Binance had previously listed the PNUT token on November 11, leading to a remarkable price spike of 478%.
In the cease and desist letter, Longo’s legal counsel urged Binance to cease using the copyrighted image along with the trademarked Peanut the Squirrel. Sara M. Dorchak, one of Longo’s attorneys, noted that their team had submitted a registration application for the copyrighted IP to the U.S. Copyright Office, asserting that any use of Peanut’s image would violate U.S. copyright laws once officially registered.
This legal action is not Longo’s first encounter with copyright infringement regarding the PNUT community. Previously, on November 25, he accused the community of exploitative practices surrounding his narrative without his acknowledgment or involvement.
In response to these ongoing issues, Longo created the JUSTICE token to reclaim his story and challenge the PNUT community. Longo had previously shared his journey of rescuing Peanut from a car accident on social media, alongside a raccoon named Fred. Tragically, the New York City Department of Environmental Conservation later seized the animals from Longo’s home due to anonymous complaints. The PNUT token was established in memory of Peanut after the squirrel was euthanized by authorities.
