Binance’s $3.5 Billion Mistake: What Really Happened with PENGU?

Big news, crypto fam—Binance just fumbled big time with the Puddy Penguins ($PENGU) listing, and it’s got everyone talking.

Here’s the deal: for the first 30 minutes after PENGU went live, Binance showed its market cap as $350 million instead of the actual $3.5 billion.

That’s not a minor slip—it’s a billion-dollar blunder that led to wild trading chaos.

Turns out, the issue was caused by a delay in updating token info from CoinMarketCap (CMC), Binance’s main data provider.

The good news? Binance jumped on the problem quickly, worked with CMC to fix it, and then owned up to the mess with a public apology.

But they didn’t stop there—traders who got caught in the madness during the 14:00 to 14:37 trading window on December 17 will be compensated with a whopping 135 million PENGU tokens in airdrops.

Binance has also promised to step up their game, with plans to explore alternative data sources and tighten reviews with CMC.

It’s a costly lesson for the exchange, and

a reminder for traders to always stay sharp, even on the biggest platforms.