Mark Longo, the owner of the popular Instagram account Peanut the Squirrel and founder of P’Nuts Freedom Farm Animal Sanctuary, has filed allegations against cryptocurrency exchange Binance. The accusations involve the unauthorized use of his intellectual property, including the trademark “PNUT” and an image of a cowboy-hat-wearing squirrel. Longo, represented by the law firm Barclay Damon LLP, has issued a cease-and-desist letter demanding Binance halt these activities immediately.
The Allegations Against Binance
The cease-and-desist letter claims that Binance used Longo’s copyrighted “Peanut the Squirrel” image and associated trademarks without permission. This includes terms like “PNUT THE SQUIRREL” and “PNUT.” According to the letter, these actions not only infringe on Longo’s copyrights and trademarks but also risk misleading consumers into believing that PNUT is somehow affiliated with Longo’s animal welfare initiatives.
The letter cites the U.S. Copyright Act, warning Binance of potential damages up to $150,000 per registered work, in addition to legal fees. It also highlights the extensive use of these “Infringing Marks” across Binance’s platform, reportedly predating the company’s adoption of the marks.
Longo, known as Squirrel_Dad on the X platform, expressed his dissatisfaction publicly, demanding Binance comply with the legal notice by December 31st to avoid further legal action.
Legal History and PNUT Price Movements
This is not the first time Longo has taken legal steps to protect his intellectual property. Just last month, he threatened lawsuits against individuals profiting from unauthorized use of the PNUT trademark.
Despite the controversy, the PNUT token’s price remains steady at $1.11, showing resilience amid a turbulent week. Although it saw a brief 20% surge mid-week, it has corrected by nearly 60% from its November high of $2.46. Enthusiasm among PNUT supporters persists, with optimism surrounding its upcoming Coinbase listing. The token is still up an impressive 2000% from its launch price in November.
As the legal battle unfolds, the crypto community awaits Binance’s response, which could set a precedent for how intellectual property disputes are handled in the blockchain space.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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