$PENGU
Puddy puddy
The popular NFT-inspired Puddy Penguins token ($PENGU) was listed on Binance and several other exchanges following a highly anticipated airdrop. Trading for $PENGU began on Binance at 11:30 AM on December 17, 2024. However, due to a serious issue with the transaction data, the token's market value was only displayed at 10% of its actual value for the first 30 minutes of trading.
This error caused great confusion for traders. Although $PENGU recorded actual transactions worth $3.5 billion, Binance's interface mistakenly reflected only $350 million, resulting in a significant discrepancy and disruption to trading.
Binance Response
The exchange clarified that the root cause was a delay in updating token information, stemming from its reliance on data provided by CoinMarketCap (CMC). After Binance identified the issue, CMC quickly restored the correct token data.
In its official statement, Binance said:
“We apologize for the inconvenience our users have experienced. In addition to looking into the issue with our data provider, we will take steps to prevent similar issues, including researching alternative data sources and multiple data sources.”
Airdrop Compensation
To remedy the situation and compensate affected users, Binance announced a significant airdrop of 135 million $PENGU tokens. The compensation will be distributed to users who traded $PENGU on Binance during the period.