Mark Longo battles Binance over Peanut the Squirrel’s intellectual property

Mark Longo, the owner of internet-famous Peanut the Squirrel, is calling out Binance, the global cryptocurrency exchange, for allegedly using Peanut’s images and stories without getting the green light from him.

Taking to his X account, Longo shared, “My legal team initiated action against Binance for the unauthorized use of my intellectual property, including images and stories featuring my beloved animals.

“This is the first of multiple cease and desist letters to be issued. I’m committed to protecting my creative work and sending a clear message: unauthorized use of my IP will not be tolerated.”

Mark Longo posts update via his X handle, Squirrel_Dad. Credit: X

Longo believes Binance’s alleged unauthorized use of Peanut the Squirrel’s images and stories also waters down the originality of his creative work.

PNUT token sparks mixed reactions

While the legal scuffle has stirred some buzz, the market doesn’t seem too rattled. The Peanut the Squirrel (PNUT) token has dipped just 2.10% in the last 24 hours, now trading at $1.12.

The dispute is heating up the already chaotic world of Peanut-themed meme coins. Longo is now championing his new token, Justice for Peanut (JFP), calling it the “only real PNUT coin.” Despite an explosive start with a market cap hitting $116 million earlier this month, JFP has taken a nosedive, now valued at just $3 million—a massive 95% drop.

Unsurprisingly, Longo’s legal fight and his meme coin ventures are sparking mixed reactions online. On platforms like X, some in the crypto community are questioning his motives, accusing him of using the drama for personal financial gain.

You rugged 5 separate contracts and made millions of dollars already and we have all the proof. Everyone knows your a scamming value extractor

— flooksta (@flooksta) December 16, 2024

Lol that is not how shilling works buddy

— Dusk (@HyperionRidge) December 16, 2024

One user wrote: “You rugged 5 separate contracts and made millions of dollars already and we have all the proof. Everyone knows your a scamming value extractor.”

Another added: “Lol that is not how shilling works buddy.”

What happened to Peanut the Squirrel?

Peanut the Squirrel unexpectedly became a hot topic during the U.S. Presidential election, due to an incident involving Longo and New York’s Department of Environmental Conservation (NYS DEC). In late October, the agency seized Peanut and a raccoon from Longo’s care. Tragically, Peanut passed away while in custody, sparking widespread outrage and even drawing support from high-profile figures like Elon Musk.

The crypto world quickly rallied, launching a wave of meme coins inspired by Peanut. Among them, PNUT gained the most traction, securing a Binance listing on November 11 and becoming a major player in the market.

Peanut’s story also highlights broader trends in the cryptocurrency space, especially with meme coins. As ReadWrite reported in November, PNUT made waves by hitting a $1 billion market cap just 11 days after its launch—an astonishing feat compared to Dogecoin (DOGE), which took 1,487 days to reach the same milestone. It appears that Peanut’s legacy lives on for now, both in the crypto community and beyond.

ReadWrite has reached out to Binance for comment.

Featured image: Ideogram / Canva

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