- PNUT's 24-hour trade volume also dipped by a massive 18.88% to settle at $455.95 million
- Longo shared the cease-and-desist letter sent to Binance and accused the exchange of trademark infringement about PNUT-themed meme coin
- According to Longo, Binance has promoted the Peanut the Squirrel (PNUT) cryptocurrency by using his "Peanut the Squirrel" trademark and mascot image without his consent
The price of the popular meme coin, PNUT, has dipped by some 5% after Mark Longo, after the owner of Peanut the Squirrel––the internet character on which the meme coin was based–– accused Binance, the world’s largest crypto exchange, of intellectual property (IP) theft.
According to Coinmarketcap data, PNUT's 24-hour trade volume dipped by a massive 18.88% to settle at $455.95 million, while the market capitalisation fell by 1.76% to $1.06 billion.
On his X page, Longo shared the cease-and-desist letter sent to Binance and accused the exchange of trademark infringement about PNUT-themed meme coin.
According to Longo, Binance has promoted the Peanut the Squirrel (PNUT) cryptocurrency by using his "Peanut the Squirrel" trademark and mascot image without his consent. Longo stated in his complaint that since 2017, he has been utilising the PNUT brand for programmes related to education and animal welfare.
The cryptocurrency exchange must immediately cease using the PNUT marks and mascot likeness or face legal action, which could result in fines of up to $150,000 for each infraction.
Source: Mark Longo/X
“My legal team initiated action against Binance for the unauthorised use of my intellectual property, including images and stories featuring my beloved animals,” Longo posted on his X page. “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: unauthorised use of my IP will not be tolerated. $JFP - WE WILL GET JUSTICE.”
Details of Mark Longo’s allegation against Binance
The cease-and-desist letter reads that “Binance is infringing on the intellectual property rights owned by Mr. Longo including, but not limited to, its copyrights in the Peanut the Squirrel Image, and its trademark rights.”
Source: Mark Longo/X
It further read that “more specifically, you have been using our client's copyrighted photograph of Peanut the Squirrel wearing a cowboy hat (hereinafter the "NUT Photograph"), as well as the identical trademark PEANUT THE SQUIRREL and PNUT (hereinafter the "Infringing Marks'), on a crypto coin and/or cryptocurrency offered on the Binance exchange. Such use infringes on our client's various copyrights and trademarks.”
Source: Mark Longo/X
Longo also accused Binance of “unlawful copying of the PNUT Image in the advertisement, distribution, and sale of cryptocurrency” and said it “infringes upon our client's exclusive copyrights. In particular, you are violating our client's exclusive rights under 17 U.S.C. § 106 to use and control others' use and public display of its copyrighted photographic works. All copyrightable aspects of the PNUT Photograph are protected under United States copyright law. Therefore, your actions constitute a violation of federal law, the United States Copyright Act, 17 U.S.C. § 101 et seq.”
Source: Mark Longo/X
Former executive sues Binance over alleged bribery and unfair dismissal
Meanwhile, TheRadar earlier reported that Amrita Srivastava, a former executive of the world's largest crypto exchange, Binance, has sued the crypto firm in the United Kingdom for bribery and unfair dismissal. Her suit is against Binance Europe Ltd.
According to Bloomberg, Srivastava claimed that a colleague asked for a bribe from a customer in order to give them preferential treatment. She told an employment tribunal in the UK that she was dismissed unfairly after she raised concerns about the alleged bribery.
