The PNUT memecoin that shot to the limelight during the US election cycle has dipped by 5% following a legal warning fired at Binance by the owner of the Peanut internet character.
The legal action was initiated by Mark Longo the intellectual owner of the Peanut the Squirrel image and a note on it was shared on his X page informing the crypto community.
“My legal team initiated action against Binance for the unauthorized use of my intellectual property, including images and stories featuring my beloved animals.
This is the first of multiple cease and desist letters to be issued. I’m committed to protecting my creative work and sending a clear message: unauthorized use of my IP will not be tolerated. $JFP — WE WILL GET JUSTICE” Mark Longo tweeted.
Mark Longo, owner of Peanut the Squirrel, announced his legal team had initiated legal action against crypto exchange Binance accusing the exchange of using his intellectual property without authorization.
The Peanut the Squirrel Story
Peanut the Squirrel is a stray squirrel that was rescued by Mark Longo and taken home.
- The rescued squirrel became an internet sensation after Longo’s online videos became viral, amassing over half a million followers on Instagram. However, Peanut was seized from Longo’s home alongside a rescued raccoon named Fred.
- The squirrel became very popular and was even mentioned by Elon Musk in a tweet. A memecoin was launched and it soared to astronomical heights making its backers a ton of money.
- The PNUT memecoin sparked a wave of Peanut-inspired memecoins, which resulted in the creation of Solana-based memecoin PNUT. Amid the controversy, the token quickly grew in popularity, hitting a $120 million market capitalization in less than a week.
- Following the popularity of PNUT, Binance announced the listing of the memecoin on November 11, opening spot trading that same day. After the news, PNUT’s price went on a massive rally, climbing to the top 10 memecoins by market cap.
However, the owner of the internet sensation PNUT has hit Binance with a cease-and-desist order over the use of his creation without authorization.
PNUT dipped by 5% following the news of the lawsuit on Binance as Binance might decide to pull the memecoin from their platform.
What to Know
- Mark Longo is also in the case of other exchanges. The Peanut owner recently called out Coinbase for also using the image of his creation without authorization.
- The exchange changed the image of the Token on their platform after getting called out by Mark Longo.