Mark Longo, who owns Peanut the Squirrel, is suing Binance. He claims the crypto exchange used images and stories of Peanut without his permission.
Longo says this legal action is part of a bigger plan to protect his creative works, and he intends to send more cease-and-desist letters. The market value of the Peanut the Squirrel (PNUT) token has stayed mostly stable, showing that the lawsuit hasn’t had much effect.
Longo has launched a new cryptocurrency named Justice for Peanut (JFP), claiming it to be the “only real PNUT coin.” At first, JFP got a lot of attention, but its value has gone down, causing criticism from the crypto community.
Critics say Longo is using the controversy for his own benefit, highlighting his background of creating several tokens and reportedly making a lot of money, which some think adds to market instability.
Peanut’s story received a lot of attention during the U.S. presidential election when New York’s Department of Environmental Conservation took Peanut away, resulting in the squirrel’s sad death while in custody.
This event caused public anger and support from well-known people like Elon Musk, leading to a rise in Peanut-themed meme coins, with PNUT gaining significant market attention.
Longo’s legal issues and his role in launching meme coins have sparked discussion in the crypto community, showing how meme coins can draw investment through popular stories. The current situation shows how unpredictable the crypto market can be.
