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Binance is notified about unauthorized use of memecoin brand PNUT
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Mark Longo, known as “Squirrel Dad” and responsible for the legacy of the famous squirrel Peanutissued a “cease and desist” notice against Binance. Longo accuses the exchange of promote and list the PNUT memecoin without authorization.
As Longo highlighted, the use of the brand and materials related to the Peanut squirrel infringes its intellectual property rights.
The letter sent by its lawyers states that Binance has violated United States copyright and trademark laws. This is because the exchange would have used a photograph of Peanut wearing a cowboy hat and trademarks such as “PEANUT THE SQUIRREL”, “P’NUT” and “PNUT”.
Furthermore, the document highlights that the exchange’s actions can cause confusion among consumersleading them to believe that the token has some official relationship with Longo.
The notification requires Binance to cease all activities related to the PNUT memecoin and formally recognize the order by the day December 31, 2024. Otherwise, Longo plans to pursue compensation, legal measures and coverage of legal fees based on US Copyright Law, which protects the reproduction, distribution and public display of works.
Peanut has become an internet icon for yearswhen Longo shared stories of the squirrel at his animal sanctuary. The case gained attention in November, when New York state authorities seized Peanut and another animal, Fred, citing wildlife regulations. Both were sacrificedwhich provoked public outrage.
With the increase in attention, several memecoins related to the squirrel emerged, being the PNUT the most prominent.
After its listing on Binance, the token reached a market value of US$ 1 billion within days, driven by a wave of negotiations. However, its value fell 41% in the last monthcurrently being traded at $1.08according to data from CoinGecko.
In response, Longo launched his own currency, called “Justice for Peanut and Fred” (JFP)which he described as “the only legitimate PNUT coin.” However, the token lost more than 95% of its value since launch, which has sparked criticism in the crypto community, with some accusing Longo of trying to profit from Peanut’s legacy.
Binance is notified about unauthorized use of memecoin brand PNUT
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Binance is notified about unauthorized use of memecoin brand PNUT
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Binance is notified about unauthorized use of memecoin brand PNUT
