Peanut

Peanut the Squirrel

The world's largest cryptocurrency exchange Binance is facing allegations of intellectual property theft over a memecoin that reached a market capitalization of $2.25bn. Mark Longo, owner of the Peanut the Squirrel brand, has served the exchange with a cease-and-desist notice.
The dispute centers on Binance's <a href="https://yellow.com/asset/pnut" rel="noopener noreferrer nofollow">PNUT</a> cryptocurrency, which Longo claims infringes on his trademark rights. His legal team asserts that the exchange has appropriated both the "PNUT" designation and the likeness of his squirrel mascot without authorization. Longo has operated the PNUT brand since 2017, focusing on educational and animal welfare projects.
The cease-and-desist notice demands immediate cessation of all PNUT-related activities by December 31. Legal documents indicate potential penalties of up to $150,000 per infringement under US copyright law. Binance has maintained silence on the allegations.
"The unauthorized usage of PEANUT THE SQUIRREL and PNUT creates market confusion," Longo's legal representatives stated in the notice. They argue that Binance's actions imply an endorsement that was never granted.
The controversy emerges amid a surge in Peanut-themed token activity. Two related memecoins have climbed into Dexscreener's top 10 daily traded tokens. The PNUT token's market value peaked at $2.25 billion on November 14, highlighting the scale of the dispute.
The case has caught the attention of major industry players. Sources indicate that exchanges including Coinbase and Kraken are evaluating potential PNUT listings, despite the ongoing legal challenge. These developments could amplify the scope of the intellectual property dispute.
Legal experts suggest this confrontation could establish significant precedent in the cryptocurrency sector. The intersection of traditional intellectual property rights with digital assets remains largely untested in courts. Should Longo pursue litigation, he may seek injunctive relief and damages in addition to legal fees.
The volatile nature of memecoin markets adds another layer of complexity to the dispute. Recent market data shows substantial fluctuations in PNUT token valuations, raising questions about potential financial implications of any legal resolution.
This conflict highlights growing tensions between traditional brand protection and the largely unregulated realm of cryptocurrency marketing. Binance's response, or lack thereof, could shape how major exchanges approach similar intellectual property issues in the future.

Peanut the Squirrel Owner Accuses Binance of Intellectual Property Theft

Yellow News

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