Binance’s $3.5 Billion Oops: The Truth Behind the $PENGU Chaos
Crypto fam, you won’t believe this—Binance just made headlines with a jaw-dropping $3.5 billion mix-up during the Puddy Penguins ($PENGU) listing! Here’s the scoop:
When $PENGU went live, Binance initially displayed its market cap as $350 million instead of the real figure—$3.5 billion. That’s no small mistake; it’s a billion-dollar blunder that threw the market into chaos!
The culprit? A delay in updating token info from CoinMarketCap (CMC), Binance’s primary data source.
But here’s the kicker—Binance didn’t just sweep it under the rug. They acted fast, teamed up with CMC to correct the error, and publicly took responsibility.
And for the cherry on top? Traders affected during the wild 14:00–14:37 trading window on December 17 will receive 135 million PENGU tokens in airdrops as compensation.
Binance has also vowed to step up its game by exploring new data providers and tightening review protocols with CMC.
This is a costly lesson for Binance and a wake-up call for traders: even the biggest platforms can slip up. Stay sharp, and trade smart!