Peanut the Squirrel’s Creator Takes Legal Action Against Binance

Mark Longo, the founder of Peanut the Squirrel, has taken legal action against Binance, accusing the crypto exchange of infringing on his intellectual property.

Longo claims that Binance used his trademarked image of a squirrel wearing a cowboy hat, as well as the terms “PNUT” and “PNUT THE SQUIRREL,” without authorization. In response, his legal team has issued a cease-and-desist letter demanding the exchange halt these activities immediately.

The dispute centers around Longo’s ownership of the Peanut the Squirrel brand, which he uses for his Instagram account and animal welfare efforts. Longo’s legal team, led by the firm Barclay Damon LLP, argues that Binance’s use of his intellectual property is not only unauthorized but could also mislead consumers into thinking his animal welfare work is affiliated with Binance. Longo is requesting that Binance cease using his image and trademark by December 31st or face further legal consequences.

The copyright violations detailed in the cease-and-desist letter could potentially result in substantial financial penalties. Under the Copyright Act, infringement could lead to damages of up to $150,000 per work, in addition to attorney fees. This legal battle is not the first time Longo has sought action for the unauthorized use of his creations, and he has indicated that more such letters are forthcoming.

As for the PNUT token, its value has remained relatively stable at $1.11, despite a brief surge earlier in the week. The token has seen significant volatility, with its price correcting nearly 60% since hitting a high of $2.46 in November. Enthusiasts are hopeful that the upcoming Coinbase listing could spark renewed interest and possibly lead to a rebound in value.