The $3.5 Billion Mistake of Binance: What Really Happened with PENGU?

Big news, crypto family—Binance just made a huge mistake by listing Puddy Penguins ($PENGU), and this has caused a stir.

Here’s the issue: in the first 30 minutes after PENGU officially launched, Binance displayed its market cap value as $350 million instead of the actual $3.5 billion.

That’s not a minor error—it’s a billion-dollar mistake that led to trading chaos.

It turns out the problem was due to a delay in updating token information from CoinMarketCap (CMC), the primary data provider for Binance.

What’s the good news? Binance quickly resolved the issue, working with CMC to fix it and then acknowledging the incident with a public apology.

But they didn’t stop there—traders caught in the frenzy during the trading period from 14:00 to 14:37 on December 17 will be compensated with 135 million PENGU tokens in airdrop rounds.

Binance has also pledged to enhance its capabilities, with plans to explore alternative data sources and tighten the review process with CMC.

It’s a costly lesson for the exchange, and a reminder for traders to always stay vigilant, even on the largest platforms.