Mark Longo, the proprietor of web celeb Peanut the Squirrel, has taken authorized motion towards world crypto alternate Binance.
He alleges that the corporate infringed on his mental property rights by utilizing photos and narratives of Peanut with out permission.
Peanut the Squirrel (PNUT) Value Unmoved Regardless of Authorized Motion
Longo claims this unauthorized use infringes on his rights and in addition dilutes the originality of his artistic work.
“My authorized crew initiated motion towards Binance for the unauthorized use of my mental property, together with photos and tales that includes my beloved animals. That is the primary of a number of stop and desist letters to be issued. I’m dedicated to defending my artistic work and sending a transparent message: unauthorized use of my IP is not going to be tolerated,” Longo declared on his X account, Squirrel_Dad.
Regardless of the authorized battle, the market response has been comparatively subdued. Peanut the Squirrel (PNUT) token has solely barely decreased in worth, down by 2.10% previously 24 hours, presently buying and selling at $1.12.
The authorized dispute has added gas to the already contentious ecosystem of Peanut-related meme cash. Longo has began selling his newly launched Justice for Peanut (JFP) token, positioning it because the “solely actual PNUT coin.” Regardless of an preliminary market cap surge to $116 million earlier this month, JFP has seen its valuation drop by over 95%, presently standing at $3 million.
This lawsuit and Longo’s subsequent meme coin launches have sparked controversy. On social media platforms like X, group members have expressed skepticism about Longo’s motives, accusing him of exploiting the state of affairs for revenue.
“You rugged 5 separate contracts and made thousands and thousands of {dollars} already, and now we have all of the proof. Everybody is aware of you’re a scamming worth extractor,” one consumer remarked.
Peanut the Squirrel grew to become one of many largest debated matters through the US Presidential election on account of a troubling incident involving Longo and New York’s Division of Environmental Conservation (NYS DEC). In late October, the company confiscated Peanut and a raccoon from Longo’s care. Sadly, it was later disclosed that Peanut died whereas in custody, resulting in a public outcry supported by notable figures like Elon Musk.
Subsequently, the crypto group launched many meme cash across the squirrel. PNUT, specifically, achieved a Binance itemizing on November 11, giving it extra relevance out there.
The controversy surrounding Peanut the Squirrel additionally mirrors bigger developments within the cryptocurrency market, significantly amongst meme cash. PNUT astonishingly reached a $1 billion market cap in simply 11 days since its launch. For comparability, it took Dogecoin (DOGE) 1,487 days to achieve the identical monetary milestone.
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