Peanut the Squirrel Owner Sues Binance for Alleged IP Theft

by

As a seasoned analyst with a background in both technology and law, I find myself intrigued by the ongoing saga of Mark Longo and Peanut the Squirrel. This isn’t your typical tech startup story; it’s more like a rollercoaster ride through the wild west of crypto, memes, and intellectual property rights.

Mark Longo, often referred to as ‘Squirrel Dad’ in crypto circles, has taken an unexpected action that has stirred the cryptocurrency community. In a surprising move, he announced a legal action against Binance, the globally recognized leading crypto exchange.

In a recent  X post, Longo accused the exchange of exploiting Peanut’s image and story without his consent. The lawsuit arrives amidst chaos in the Peanut-inspired meme coin ecosystem, where Longo has played a controversial role.

Peanut the Squirrel: From Viral Icon to Meme Coin Controversy

Initially, Peanut the Squirrel garnered attention following a contentious incident involving Longo and New York’s Department of Environmental Conservation (NYSDEC). In a questionable operation, the department confiscated both Peanut the Squirrel and a raccoon from Longo’s custody. The ensuing action by the NYSDEC resulted in the demise of the Squirrel.

The heartbreaking passing of Peanut in custody ignited a wave of anger across many, with social networks uniting behind Longo. Notably, even Elon Musk voiced his backing for Longo, while also criticizing the law enforcement agencies.

This event catapulted Peanut into internet fame, sparking a wave of memes, fan art, and a meme-based economy centered around the squirrel’s tale. More recently, Longo introduced the “Justice for Peanut” (JFP) token as an effort to control Peanut’s narrative, positioning it as the genuine PNUT coin.

Initially, the token made an impressive entrance, amassing a market value of $116 million in just this past month. It’s worth mentioning that Binance included the PNUT token in their listings on November 11, propelling it into prominence.

In just over a week of being listed on Binance’s platform, the PNUT token soared to an astounding $1 billion market capitalization, outpacing Dogecoin which required four years to reach the same point. The token experienced a 20% increase in value a few days ago following Coinbase’s announcement of potential listing plans for it.

Initially, there was a lot of excitement, but that quickly faded, leaving the token’s worth at a mere $3 million – a staggering drop of over 95% from its original value. Critics have pointed fingers at Longo, claiming he exploited the project’s notoriety for personal gain.

One X user accused Longo of scamming investors, claiming he had abandoned five projects after making millions, calling him a “value extractor”.

Creators Fight Back: The Battle over Meme Ownership and Copyright

The controversy escalated when Longo sued Binance for intellectual property theft. His accusations intensified the chaos, sparking debate across the crypto and meme communities. Longo’s case against Binance is part of a broader trend of creators fighting against the exploitation of their work.

With the increasing monetization of memes on the internet, it’s become challenging to distinguish between creativity, ownership rights, and financial gain. Lately, Oracle Corporation, known for its software development, has filed another lawsuit against Crypto Oracle LLC and its founder, Louis Kerner. The company claims that Crypto Oracle LLC breached a past agreement and infringed upon Oracle’s trademark.

Artist Philip Banks, known for creating the “Just a Chill Guy” meme, has revealed intentions to safeguard his intellectual property by copyrighting the character. Although brands and casual users are free to continue using the meme in a light-hearted manner, Banks will focus on taking action against unlicensed merchandise and crypto initiatives leveraging it for profit.

2020 saw Coinspeaker announce that Ant Group Ltd was intensifying initiatives to debut a blockchain-powered system designed to assist content creators in combating copyright violations. The main goal at that point was to offer enhanced security for creators’ intellectual property rights.

Read More

2024-12-16 14:06