Peanut the Squirrel owner has filed a lawsuit against Binance Exchange for profiting from the animal’s brand image.
Mark Longo, the man behind Peanut the Squirrel PNUT $1.08 24h volatility: 6.4% Market cap: $1.08 B Vol. 24h: $647.60 M has taken a major step that has attracted the attention of the crypto community. In a surprising twist, Squirrel_Dad, as he’s known on X announced a lawsuit against Binance, the world’s largest crypto exchange.
In a recent X post, Longo accused the exchange of exploiting Peanut’s image and story without his consent. The lawsuit arrives amidst chaos in the Peanut-inspired meme coin ecosystem, where Longo has played a controversial role.
Peanut the Squirrel first gained traction during a dispute between Longo and New York’s Department of Environmental Conservation (NYSDEC). In a controversial raid, the agency seized Peanut the Squirrel and a raccoon from Longo’s care. The agency’s raid led to the death of the Squirrel.
Peanut’s tragic death in custody sparked widespread outrage, with social media rallying around Longo. Even Elon Musk weighed in, expressing his support for Longo and criticizing the authorities.
This incident turned Peanut into a viral figure, inspiring memes, fan art, and a meme coin ecosystem tied to the squirrel’s story. Longo recently launched the “Justice for Peanut” (JFP) token to reclaim Peanut’s narrative, branding it as the only authentic PNUT coin.
The token debuted with a massive success, reaching a market cap of $116 million earlier this month. Notably, Binance listed the PNUT token on November 11, catapulting it into the spotlight.
Within 11 days of trading on Binance’s platform, PNUT reached a staggering $1 billion market capitalization. This record outpaced even Dogecoin, which took four years to achieve the same milestone. The token surged 20% a few days ago after Coinbase teased plans to list it.
However, enthusiasm soon waned, and the token’s value has since plummeted by more than 95%, now at just $3 million. Critics accused Longo of using controversy around the project to enrich himself.
One X user accused Longo of scamming investors, claiming he had abandoned five projects after making millions, calling him a “value extractor”.
The controversy escalated when Longo sued Binance for intellectual property theft. His accusations intensified the chaos, sparking debate across the crypto and meme communities. Longo’s case against Binance is part of a broader trend of creators fighting against the exploitation of their work.
As the internet monetizes memes more, the boundaries between creativity, ownership, and profit have become unclear. Recently, Oracle Corporation, a software development company, has again taken legal action against Crypto Oracle LLC and its founder, Louis Kerner. The company accused the crypto firm of violating a previous settlement and infringing Oracle’s trademark.
Philip Banks, the artist behind the “Just a Chill Guy” meme, recently announced plans to enforce copyright on his character. He stated that Chill Guy had been copyrighted. While brands and casual users can still use the meme for fun, Banks will target unauthorized merchandise and crypto projects profiting from it.
In 2020, Coinspeaker reported that Ant Group Ltd ramped up efforts to launch its blockchain-based platform to help content creators combat copyright infringement. At the time, the platform aimed to provide better protection for creators’ intellectual property.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
