Mark Longo, the owner of Peanut the Squirrel, has filed a lawsuit against the cryptocurrency exchange Binance, accusing it of unauthorized use of multiple intellectual properties, including the PNUT trademark and an image of a squirrel wearing a cowboy hat. In response, Longo's law firm has sent a cease-and-desist letter to the exchange.
Did Binance infringe upon the trademark of Peanut the Squirrel?
Barclay Damon LLP, representing animal rights activist Mark Longo, has issued a strongly worded letter accusing the cryptocurrency exchange Binance of infringing on its client's intellectual property.
The letter also accuses Binance of using Longo's 'Peanut the Squirrel' image and trademark without authorization, as well as using terms like 'PNUT THE SQUIRREL' and 'PNUT.' It claims that Binance's actions constitute infringement of Longo's copyright and trademark. Mark Longo (known as Squirrel_Dad) wrote in a message on the X platform:
Longo is responsible for operating the Peanut the Squirrel Instagram account and P'Nuts Freedom Farm Animal Sanctuary, demanding that Binance 'immediately cease such infringing activities.' The letter warns that Binance must comply with the demands by December 31, or face further legal action.
Additionally, the letter elaborates that Longo's Peanut the Squirrel image is protected by copyright in the United States. In recent media coverage of PNUT, the relevant trademarks have gained widespread recognition. The letter points out that Binance's use of these assets would confuse customers into thinking that PNUT is 'sponsored, endorsed, or related to Longo's animal welfare work in some way.'
The letter cites copyright law, noting that damages for infringing registered works can be as high as $150,000 per item, plus legal and attorney fees. The letter also emphasizes the widespread use of the 'infringing trademark' on the Binance platform, reportedly existing 'long before you started using the infringing trademark.'
This is not the first time Mark Longo has issued threats over copyright infringement. Last month, he also threatened PNUT users, claiming they were profiting from his grief and that he would take legal action.
The price of PNUT remains stable.
In today's market movement, the price of PNUT has remained relatively stable at $1.11. Over the past week, PNUT has been on a downward trajectory, with a brief increase of 20% in price mid-week. However, due to a renewed influx of sellers, this upward momentum could not be sustained for long.
After reaching a high of $2.46 in November, the price of PNUT has been consolidating, falling nearly 60% from its peak. However, with news of the Coinbase listing, PNUT enthusiasts are once again hopeful for a rebound in the future. Nevertheless, the current trading price of PNUT is still 2000% higher than its issue price in November.
