Peanut the Squirrel Case: Why Owner Takes Binance to Court

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As a long-time crypto investor and animal rights advocate, I find myself closely following the recent development between Mark Longo, Peanut the Squirrel’s owner, and Binance. Having been a follower of Squirrel_Dad’s journey on Instagram and the P’Nuts Freedom Farm Animal Sanctuary, I can empathize with his determination to protect his intellectual property rights.

Mark Longo, proprietor of Peanut the Squirrel character, alleges that Binance, the cryptocurrency trading platform, has misused various intellectual property assets without authorization. Specifically, Longo asserts that Binance breached the PNUT trademark and utilized an image depicting a squirrel in a cowboy hat – a design associated with his character. Subsequently, Longo’s legal team has sent a stop-and-desist letter to Binance over this matter.

Did Binance Infringe Trademark About Peanut the Squirrel?

At the request of animal rights advocate Mark Longo, law firm Barclay Damon LLP wrote a forceful letter claiming that crypto exchange Binance had violated the intellectual property rights belonging to their client.

The letter claims that Binance unlawfully utilized Mark Longo’s “Peanut the Squirrel” image and brand, while also using phrases like “Peanut the Squirrel” and “PNUT” without proper authorization. It states that Binance’s actions are considered breaches of Longo’s copyrights and trademarks. In a post on the X platform, Mark Longo (known as Squirrel_Dad) expressed this concern:

I’ve instructed my legal team to take steps against Binance due to their improper usage of my intellectual property, specifically images and narratives about my cherished animals. This is the first in a series of letters demanding they cease this activity. I am determined to safeguard my creative outputs and make it crystal clear: any misuse of my intellectual property will not be accepted.

Longo, in charge of the Peanut the Squirrel Instagram account and P’Nuts Freedom Farm Animal Sanctuary, has issued a request for Binance to halt its allegedly infringing activities immediately. The letter serves as a warning that if Binance does not meet these demands by December 31st, legal action may follow.

Moreover, the letter clarifies that Longo’s Peanut the Squirrel illustration is shielded by U.S. copyright law. With the increased attention on PNUT in the media, its associated trademark has garnered widespread recognition. The correspondence indicates that Binance’s utilization of these assets may cause confusion among customers, leading them to believe that PNUT is affiliated, sponsored, or endorsed by Longo’s animal welfare initiatives in some way.

The letter refers to the Copyright Act, pointing out that misuse of copyrighted materials could lead to fines amounting to $150,000 per infraction, as well as additional costs and legal fees. Additionally, it emphasizes the extensive use of the “Disputed Trademarks” on Binance’s platform, which reportedly predate your adoption of these marks.

It’s not the first occasion where Mark Longo has issued threats regarding copyright violations. In fact, just last month, he threatened legal action against PNUT users who were capitalizing on his misfortunes.

PNUT Price Remains Steady

Despite current advancements, the price of PNUT has generally held around $1.11. Over the last seven days, PNUT’s trend has been descending, but there was a temporary 20% spike in its price mid-week. Unfortunately, this increase didn’t last long as sellers reentered the market.

Following a peak at $2.46 in November, the price of PNUT has been trending horizontally, dropping approximately 60% from its highest point. Yet, after the announcement of a Coinbase listing, optimism among PNUT supporters has resurfaced regarding potential future rallies. Despite this, it’s worth noting that PNUT is currently trading at an increase of around 2000% compared to its initial launch price in November.

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2024-12-16 13:18