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.
Does Binance infringe on 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 Longo's authorization, as well as using terms like 'PNUT THE SQUIRREL' and 'PNUT'. It claims that Binance's actions constitute an infringement of Longo's copyright and trademark. Mark Longo (known as Squirrel_Dad) wrote in a post on platform X:
Longo operates the Peanut the Squirrel Instagram account and P'Nuts Freedom Farm Animal Sanctuary, and he demands 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.
Furthermore, the letter details that Longo's Peanut the Squirrel image is protected by copyright in the United States. In recent media coverage of PNUT, the relevant trademark has received widespread recognition. The letter points out that Binance's use of these assets could confuse customers into believing that PNUT is 'sponsored, endorsed, or somehow related to Longo’s animal welfare work'.
The letter cites copyright law, noting that damages for infringing registered works can be as high as $150,000 per item, plus legal fees and attorney costs. It also emphasizes the widespread use of the 'infringing trademark' on the Binance platform, stating that such use existed 'before you began 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 would face a lawsuit.
PNUT price remains stable
In today's trend, the price of PNUT has remained stable at $1.11. Over the past week, PNUT has been on a downward trajectory, with a brief 20% increase in price mid-week. However, due to sellers flooding back in, this upward momentum could not be sustained for long.
After peaking at $2.46 in November, the price of PNUT has been consolidating, having fallen nearly 60% from its peak. However, with the announcement of Coinbase's 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 November launch price.
