Binance faced a significant error during the launch of the $PENGU token, misreporting its market cap as $350 million instead of the actual $3.5 billion for the first 30 minutes. This $3.15 billion discrepancy, caused by a delay from CoinMarketCap, led to market chaos. In response, Binance quickly collaborated with CMC to rectify the issue and is compensating affected traders with 135 million Pengu tokens while promising to enhance data accuracy in the future.