Mark Longo, the caretaker of the late internet-famous Peanut the Squirrel, has despatched a cease-and-desist order to Binance over its itemizing of the PNUT meme coin. He is accusing the crypto trade of infringing his mental property as a result of it listed and promoted the meme coin.
The listening and advertising of PNUT had been achieved with out authorization, in response to Longo.
“That is the primary of a number of cease-and-desist letters to be issued. I’m dedicated to defending my inventive work and sending a transparent message: Unauthorized use of my IP is not going to be tolerated,” “Squirrel_Dad” Longo wrote on X, previously generally known as Twitter.
The cease-and-desist letter notes that Binance violated Longo’s unique rights below U.S. copyright and trademark legal guidelines.
The letter particularly highlights the unauthorized use of a copyrighted {photograph} of Peanut carrying a cowboy hat and emblems together with “PEANUT THE SQUIRREL,” “P’NUT,” and “PNUT.”
Binance’s actions have created a probability of shopper confusion, implying an affiliation between Longo’s model and the PNUT crypto, in response to the letter.
“Customers accustomed to our consumer’s use of the PNUT Marks on academic, leisure, and fundraising providers will likely be confused into believing that your cryptocurrency is someway sponsored, endorsed, or associated by our consumer,” it states.
The letter calls for that Binance acknowledge the letter and stop all infringing actions by December 31, 2024.
Longo’s authorized counsel claims to have the suitable to pursue authorized motion for damages, injunctive reduction, and lawyer charges below the U.S. Copyright Act. The Act protects creators’ rights to breed, distribute, and publicly show their works.
An analogous scenario unfolded final month when Philip Banks, the artist behind the viral “Only a Chill Man” meme, introduced plans to implement copyright protections on his character.
Banks, whose paintings impressed the “CHILLGUY” meme coin, raised issues at its use in unauthorized merchandise and crypto tasks.
Binance didn’t instantly reply to a request for remark from Decrypt.
The Legacy of Peanut the Squirrel
Peanut, a pet squirrel, gained widespread on-line recognition years in the past as a part of Longo’s animal sanctuary.
The story took a tragic flip when New York state officers seized Peanut and a raccoon named Fred in November, citing wildlife laws.Each animals had been euthanized shortly after, triggering public outrage and widespread media protection.
Peanut-themed meme cash started to rise, with PNUT rising as essentially the most outstanding. Inside days of its spot itemizing on Binance, PNUT achieved a market cap of $1 billion, thrusted by a surge in buying and selling exercise.
In response, Longo launched his personal token, “Justice for Peanut and Fred” (JFP), calling it the “solely actual PNUT coin.” Nevertheless, JFP’s worth has plummeted by over 95%, and a few within the crypto neighborhood have criticized Longo for allegedly utilizing Peanut’s legacy for revenue.
PNUT is now buying and selling for $1.08, plummeting by 41% within the final month, in response to CoinGecko information.
Edited by Stacy Elliott.
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