Binance's 3.5 Billion Dollar Blunder: What Happened with PENGU?
Big news in the crypto world! What's going on with Binance and Puddy Penguins? When PENGU was launched, Binance showed a market cap of 350 million US dollars, but it was later discovered that it was actually 3.5 billion US dollars! That's a significant error, a whole 1 billion dollars off, and trading went out of control for a while.
It turns out that the data provider for Binance, CoinMarketCap (CMC), was slow to update their information.
Fortunately, Binance reacted quickly, immediately teaming up with CMC to resolve the issue and publicly apologized.
However, this isn't over yet; Binance stated that friends who traded wildly between 14:00 and 14:37 on December 17 will receive 135 million PENGU tokens as compensation.
Binance also promised to strengthen internal management, seek more data sources, and tighten the review process with CMC.
This incident is a significant lesson for Binance and serves as a reminder for us traders that even on major platforms, we must always remain vigilant!
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