Popular American content creator Mark Longo has filed a legal complaint against Binance, claiming that the memecoin PNUT, which the platform listed last month, infringes on his intellectual property rights. Longo alleges that the token uses an image of his pet squirrel named Peanut without permission.
Memecoin Peanut the Squirrel (PNUT) was created in memory of the squirrel Peanut. The token uses an image from Longo’s social networks, where the pet is depicted in a cowboy hat. Longo’s lawyers claim this is a violation of copyright laws in the United States. They have already sent a cease and desist letter to Binance and filed for copyright registration with the U.S. Copyright Office.
Breaking: Owner of Peanut the Squirrel is taking legal action against exchanges.
Can you even claim IP for an animal kept illegally? pic.twitter.com/ylevdZQLtR
— fity.eth (@Fityeth) December 16, 2024
Amid Longo’s statement and his team of legal advocates, his own token Justice for Pnut and Fred (JUSTICE) has risen more than 200% and reached a market capitalization of $361 thousand. Meanwhile, the PNUT token experienced a drop of 9%, although its market cap remains significant — over $1 billion.
In the letter to Binance, Longo’s lawyers insist on stopping the use of Peanut’s image in any advertising, distribution, or sale of the PNUT cryptocurrency. They claim that after the official copyright registration, any further use will be a violation of the law.
The exchange launched the PNUT token on November 11. This scandal could impact Coinbase’s plans, which on December 11 included this memecoin in its list of promising assets.
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