Crypto Dispute: Mark Longo Takes on Binance Over PNUT Meme Coin

Mark Longo’s lawyers have issued a cease and desist letter to Binance, alleging the exchange is infringing on his intellectual property rights by listing the PNUT meme coin. The token features an image of Peanut the Squirrel, Longo’s deceased pet, which he claims he has exclusive rights to under U.S. copyright laws.

Background on the Dispute

According to Longo, the PNUT token’s icon is a picture of Peanut wearing a cowboy hat, taken from one of his social media accounts. His lawyers argue that Binance’s use of this image and the trademarked Peanut the Squirrel name is an infringement on Longo’s exclusive copyrights.

“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: unauthorized use of my IP will not be tolerated,” Longo wrote on his social media account.

JUSTICE Token Sees Significant Price Surge

Following the announcement of the cease and desist letter, Longo’s own token, JUSTICE (For Pnut and Fred), surged over 200% in value. The token, which was launched as a way to assert control over Longo’s narrative and denounce the PNUT community, has seen a significant price increase in recent days.

At the time of writing, the JUSTICE token has gone up by 32% in the past 24 hours, with a market cap of $361,000 and liquidity of $108,000.

PNUT Token Sees Decline in Value

In contrast, the PNUT token has seen a decline in value, with a 6.5% decrease in the past 24 hours. Despite this, the token still maintains a market cap of over $1 billion.

Coinbase Asset Roadmap Includes PNUT Meme Coin

Recently, Coinbase revealed its asset roadmap, which included the PNUT meme coin. It remains to be seen whether the major exchange will still proceed with its PNUT listing after Longo’s warning to Binance.

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