Originally published on: December 16, 2024
Mark Longo, the brains behind Peanut the Squirrel, has taken legal action against popular cryptocurrency exchange Binance. Longo claims that Binance has infringed on his intellectual property rights by utilizing his trademarked “Peanut the Squirrel” brand and mascot in connection with the PNUT memecoin.
Since 2017, Longo has been leveraging the PNUT brand for educational and animal welfare purposes. He asserts that Binance’s unauthorized use of the PNUT marks and likeness of the squirrel mascot without consent has caused confusion among consumers and implies an association that does not exist.
In response, Longo has issued a cease-and-desist letter to Binance, demanding that they cease all activities related to the PNUT branding and mascot likeness. Failure to comply could result in legal action with penalties as high as $150,000 per infringement.
This legal dispute sheds light on the complex landscape of intellectual property rights in the cryptocurrency world, especially in the realm of memecoins and viral branding. Legal experts anticipate that this case could set a precedent for IP rights within the emerging memecoin market.
As the PNUT memecoin gained widespread attention and media coverage, Longo’s concerns about IP infringement escalated. With major exchanges like Coinbase and Kraken reportedly considering listing PNUT, the stakes have never been higher.
How will Binance respond to these allegations? Will Peanut the Squirrel creator Mark Longo emerge victorious in his quest to protect his intellectual property? Stay tuned as this legal battle unfolds, shaping the future of IP rights in the crypto industry.