Mark Longo, the owner of Peanut the Squirrel, a now-deceased influencer pet, filed a legal complaint against Binance, one of the world’s largest cryptocurrency exchanges. The accusation stems from Binance’s alleged unauthorized use of both the “PNUT” trademark and the iconic image of Peanut the Squirrel on its platform. Longo claims that the global exchange violated his intellectual property rights and used these materials without his permission.

In a statement shared on his social media account, Squirrel_Dad, Longo expressed his determination to protect his creative works. He confirmed that his legal team has issued a cease-and-desist letter to Binance. 

_{"My legal team initiated action against Binance for the unauthorized use of my intellectual property, including images and stories featuring my beloved animals."}

Longo further emphasized that this is the first of several actions aimed at safeguarding his intellectual property, stating, “Unauthorized use of my IP will not be tolerated.”

Legal Battle Amidst the Meme Coin Frenzy

The legal dispute with Binance comes at a time of heightened activity in the meme coin market. Longo recently launched the “Justice for Peanut” (JFP) token, positioning it as the "only real PNUT coin." 

The token initially saw a massive surge, reaching a market cap of $116 million. However, its value has since plummeted by over 95%, now sitting at just $2.5 million. Despite the token's sharp decline, Longo continues to promote the coin, which has sparked controversy within the crypto community.

Some members of the crypto community have expressed skepticism, accusing Longo of exploiting the situation for financial gain. On social media platforms like X, critics have pointed out that Longo has previously made millions of dollars through various crypto projects, with some alleging that his actions represent a pattern of value extraction from the market.

One commenter on X remarked:

"You rugged 5 separate contracts and made millions of dollars already, and we have all the proof. Everyone knows you’re a scamming value extractor," Longo said.

The Rise of Peanut the Squirrel in the Crypto World

Peanut the Squirrel, who gained fame as a social media influencer, became a key figure in the meme coin ecosystem. Longo’s pet was not only a viral sensation but also the catalyst for the creation of numerous cryptocurrency tokens. 

The squirrel’s name became widely known during the U.S. presidential election, following a bitter clash between Longo and the New York Department of Environmental Conservation (NYS DEC). In late October, the NYS DEC confiscated Peanut and a raccoon from Longo’s care, citing concerns over animal welfare.

Tragically, Peanut died while in the custody of the NYS DEC, sparking a wave of public outcry. High-profile figures, including Elon Musk, voiced their support for Longo, drawing attention to the incident. This controversy added to the emotional appeal of Peanut’s legacy and further propelled the creation of meme coins based on the squirrel’s image and name.

Among these tokens was the PNUT meme coin, which gained substantial attention after its market cap soared to $1 billion shortly after its launch. This achievement, which took Dogecoin years to reach, was further amplified by the coin's listing on Binance in November.