The crypto world was thrown into disarray as Binance made a major blunder during the launch of Puddy Penguins ($PENGU). For the first 30 minutes of trading, Binance mistakenly listed $PENGU's market cap as $350 million instead of its true value of $3.5 billion, leading to a frenzy of misinformed trading.
What Caused the Chaos?
The error was linked to a delay in Binance receiving updated token data from its primary data source, CoinMarketCap (CMC). This slip-up triggered mispricing, confusion, and frustration among traders.
How Did Binance Respond?
Swift Action: Binance quickly worked with CMC to correct the data and issued a public apology.
Compensation: Affected traders who traded between 14:00 and 14:37 on December 17 will receive 135 million PENGU tokens through an airdrop.
Future Safeguards: Binance pledged to strengthen its review processes with CMC and consider alternative data providers to avoid future mishaps.
What It Means for Traders
This incident highlights the dangers of relying on centralized exchanges for token data. While Binance's response was prompt, the event serves as a cautionary tale for traders to double-check vital information, especially during major token listings.
Stay alert, crypto community — always verify before you trade!
