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

Big news, crypto family—Binance just made a serious mistake with the listing of Puddy Penguins ($PENGU ), and it has become a hot topic.

Here’s the deal: in the first 30 minutes after the launch of PENGU, Binance showed its market capitalization as $350 million instead of the actual $3.5 billion.

This is no minor slip-up—it's a billion-dollar error that led to chaos in trading.

It turned out that the problem was caused by a delay in updating the token information from CoinMarketCap (CMC), the main data provider for Binance.

The good news? Binance quickly responded to the issue, worked with CMC to fix it, and then acknowledged its mistake with a public apology.

But they didn’t stop there—traders who got caught up in the frenzy during the trading window from 2:00 PM to 2:37 PM on December 17 will be compensated with a whopping 135 million PENGU tokens in the form of airdrops.

Binance also promised to improve its processes, with plans to explore alternative data sources and tighten checks with CMC.

This is an expensive lesson for the exchange and a reminder for traders to always stay vigilant, even on the largest platforms.