Peanut the Squirrel owner takes legal action against Binance for listing PNUT, boosting his JFP token by 200%

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As a seasoned crypto investor and animal lover, I find myself intrigued by the ongoing saga of Peanut the Squirrel and the PNUT meme coin. Mark Longo, the original owner of Peanut, has shown remarkable resilience in the face of adversity, from saving Peanut from a car accident to fighting for his intellectual property rights.

Mark Longo’s legal representatives issued a stop-and-desist notice to Binance following the exchange listing the PNUT meme token, claiming that Binance has violated intellectual property rights through the creation of the token.

Mark Longo, the initial proprietor of Peanut the Squirrel (PNUT), declared in a recent update that he intends to deliver further cease-and-desist notices, citing “unapproved utilization of my intellectual property,” following the one his legal team dispatched to Binance.

As Longo was preparing to sue Binance, the value of his token, JUSTICE (For Pnut and Fred), increased significantly by more than 200%, as reported by DEX Screener. Currently, in the last 24 hours, JUSTice’s token price or JFP has risen by 32%. It currently possesses a market capitalization of $361,000 and liquidity of $108,000.

Contrarily, as per crypto.news’s data, the value of PNUT decreased by 6.5% within the last 24 hours. Nevertheless, its market capitalization remains above $1 billion.

In the post’s accompanying letter, Longo’s legal team claims that under U.S. copyright law, they hold exclusive rights to the image and name associated with the PNUT token. The icon picture depicts the late Peanut wearing a cowboy hat, which was originally posted on one of Longo’s social media platforms.

As an analyst, I’d rephrase the statement as follows: “I’ve initiated the first round of legal warnings regarding my intellectual property (IP). My dedication to safeguarding my creative work compels me to convey a firm message: any unauthorized use of my IP will not be permitted.” This paraphrase is written in the first person and aims to maintain the original tone while making it easier for readers to understand.

News Flash: The proprietor of Peanut the Squirrel is filing a lawsuit against former trading platforms.

— fity.eth (@Fityeth) December 16, 2024

More recently, Coinbase unveiled their plan for new assets, announcing the potential addition of the PNUT meme token on December 11th. Whether Coinbase will continue to move forward with its listing of PNUT following Longo’s cautionary statement to Binance is yet to be determined.

Last month, on November 11th at 10:00 UTC, Binance added Peanut the Squirrel’s meme coin to its platform. Not long after, PNUT experienced a remarkable spike in value, with its price reaching an impressive high of up to 478% following the Binance listing. This significant surge is often referred to as a “god candle” chart peak moment.

After reviewing the list, Longo’s legal team requested Binance to discontinue the use of a picture that belongs to Longo (which is an infringement) and also the trademarked image of ‘Peanut the Squirrel’, from their trading platform.

In a letter sent to Sandra Epp Ryan, Attorney of Record for Binance Holdings Limited, Sara M. Dorchak has alerted you that using the PNUT Image in advertisements, distribution, or sales of cryptocurrency without permission infringes upon our client’s unique copyright ownership rights.

In Dorchak’s letter, he clarified that Longo’s group had applied for the registration of their copyrighted intellectual property with the US Copyright Office. Once it is legally registered, utilizing Peanut’s image on the Binance platform would infringe upon the U.S. Copyright Act (Title 17 of the United States Code).

Previously, Longo has warned about suing those who violate his copyright with regards to PNUT due to unauthorized use of his pet’s story. On November 25th, he publicly stated that the PNUT community had been illegally exploiting his pet’s narrative without acknowledging him or his charitable endeavors.

Consequently, Longo introduced his own coin called JUSTICE, which he created specifically for Pnut and Fred, as a means of exerting control over his storyline and criticizing the PNUT community.

Mark Longo saved Peanut from a car accident and shared their experiences on an Instagram account dedicated to Peanut and a raccoon named Fred. However, the New York City Department of Environmental Conservation later seized the animals from Longo’s residence following anonymous complaints.

The PNUT token was fashioned as a tribute to Peanut, following his passing due to humane euthanasia carried out by the authorities.

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2024-12-16 15:20