Jorge Fernández | Unsplash
Binance has been the subject of accusations on more than one occasion, but this time it all has to do with an alleged infringement of intellectual property. In this case, there is a cease and desist order against this most popular exchange platform in the world.
As we know, memecoins have gained ground and represent a highly volatile market, driven by social media trends as well as pure speculation. Yes, it is true that they do not have any specific use, except for some exceptions where there is a project backing them and giving them some reason to hold onto these coins.
Today, Binance is being accused of a direct infringement of intellectual property for having listed and promoted a memecoin without the express consent of its owner. In this instance, PNUT is presented as a meme coin that references a squirrel named Peanut, which has become famous for the way it was introduced through the words and stories of its caretaker, Mark Longo.
Squirrer_Dad12 post on X
Unfortunately, despite the existence of intellectual property representing a series of photographs, stories, or creative work, the outcome for this animal has been truly atrocious. To understand this, we must go back to what happened before.
Mark used to share part of his life with this squirrel on social media. A friendship that could be considered perfect from any perspective between a human and a small animal. Supposedly not posing any threat, as it was a domesticated squirrel, but the exposure on social media may have prompted authorities to intervene, perhaps in an untimely and aggressive manner.
That was the day Peanut's story came to an end. Mark's pet was confiscated and later euthanized, angering and saddening many people who had grown fond of this adorable pet. Supposedly, the reason was that it could not coexist with the human for various reasons, with one excuse being the risk of rabies. Also, there was the issue of maintaining wildlife regulation. In the same month of November, they had also confiscated a raccoon named Fred, meeting the same tragic fate.
Obviously, this sparked greater repercussions and a great deal of public indignation from those following the case. Perhaps this was why many memecoins emerged and gained significant momentum in a relatively short period of time.
Shortly after the incident, PNUT was listed on Binance and had reached an estimated one billion dollars in market capitalization, with increased trading activity. However, at present, the memecoin is experiencing a decline, with its price at $1.07 USD, compared to its peak of $2.44 USD in November of this year, representing a cumulative drop of 53.3%.
"Peanut the Squirrel" (PNUT) price on CoinGecko
In my opinion, I understand that many works circulating on social media have copyright protection, and there is someone behind them maintaining ownership of their brand. What I wonder about are several things. On one hand, the audacity of those creating a memecoin without the proper rights, but even more so, a cryptocurrency giant that allows its listing and trading in various profitable ways. On the other hand, there is the possibility that the owner is completely distraught by what happened, but I also believe there could be situations where the owner seeks a monetary compensation for this rights violation. I suppose this is something that can be planned in some cases.
Returning to our case, according to Longo's legal advisor, it is possible to seek legal action for damages, injunctions, and attorney fees under the framework of the United States Copyright Law. With this in mind, there is access to rights protection specifically related to the creation, distribution, and exhibition of public works, meaning ultimately the creator decides what to do.
"Justice for Peanut" (JFP) price on GeckoTerminal
If a complaint were allowed regarding this matter, I might say it doesn't seem entirely right for this person to file a lawsuit against Binance when not long ago they became the creator of a new token called "Justice for Peanut" (JFP), labeling it as the only and authentic real PNUT coin. This has understandably caused discontent among many people, who believe this person is somehow seeking to profit from a tragedy like what happened with this squirrel that many have loved. This token is available on the Solana blockchain just like PNUT, representing a shared interest in memecoins.
- Main image edited in Canva.
- I have consulted information at decrypt.co.
- Translated from Spanish to English with Hive Translator.
Posted Using InLeo Alpha
The story seems a little complicated to me. Was it the owner of Peanut (the squirrel) that created PNUT or someone else did and Binance incorporated it. I am just trying to understand his property claims, Thanks.