The launch of Pudgy Penguins’ PENGU token is off to a less-than-ideal start, with crypto wallets flagging the claims website as “dangerous” and claimants complaining that they’re missing tokens. 

Pudgy Penguins NFT holders were supposed to be able to claim their share of 88 billion PENGU tokens starting today.

However, some have reported they are missing a portion of their claims. Crypto influencer Nick O’Neill shared a screenshot showing he claimed 573,092 tokens but says he only received 7,940. Others said that they were missing as much as half of their allocation.

Read more: You’re not gonna make $50K in PENGU by buying and returning Pudgy toys

In addition, crypto wallet firm MetaMask is flagging the Pudgy Penguins claim website as a potential threat that may steal your assets. Not only that, but according to Pudgy’s creative chief, ‘chefgoyardi,’ the website is experiencing DDOS issues after getting over 4.7 million hits and receiving 100,000 claims.

It appears that some issues stem from Solana and its transaction limits. According to the founder of Clusters, the claims are being broken down into multiple transactions for some of the larger PENGU claims. 

They said, “Amount shown vs amount claimed is not a discrepancy, just refresh the page and it’ll show what you already claimed & what remains to be claimed.” 

Pudgy’s creative chief and safety program manager, ‘Beau,’ reminded users experiencing difficulties that they have 88 days to claim their tokens and that they can always wait. Chefgoyardi has since posted that the “claim amount discrepancy/wallet connectivity issues are nearly patched.” 

Read more: FTX token holders are getting Pudgy Penguins tokens

The floor price of Pudgy Penguins NFTs has dropped by over 50% following today’s events. Wallets linked to early PENGU investors are already selling large amounts with one wallet selling 176 million tokens worth over $9 million. 

According to CoinGecko, the price of PENGU was $0.06845 earlier today but has now dropped to $0.03116 — a 54% decrease in price.

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An unusual method of farming Pudgy Penguin tokens (PENGU) shared online claims bulk-buying $20,000 of Pudgy merch could net a $50,000 profit for anybody willing to put in a bit of extra leg work.

According to X user @Deroidz, if you redeemed the NFT of every Pudgy plushie or figurine bought, you could get $50 apiece from the upcoming Pengu token airdrop when it’s sent to NFT holders. 

This assumes holders will be receiving a generous $50 worth of PENGU. However, this figure is worth double the price of the toys and is unlikely to be distributed. Regardless, by following @Deroidz’s advice, you would have to scan 1,000 different QR codes to make a profit of $30,000.

To make the extra $20,000 you’d need to return all of your scanned Pudgy merchandise to Amazon, and hope that you receive a refund. 

The glaring issue with this plan is that the token allocation for these NFTs is unlikely to be as high as the mooted $50. One user noted that based on the number of different Pudgy NFTs, the token allocation will likely be closer to 50 cents. 

Amazon is also likely to probe any refund requests that involve $20,000 worth of stock and 1,000 separate items.

Pudgy Fever already looks to have hit one store in New York City, after Mask Network founder Suji Yan took a picture of the ravaged Pudgy Penguin boxes that were missing the QR code and were already opened.

Read more: Pudgy Milady deployer issues and dumps new NFTs despite promises

Some users weren’t happy with the idea of returning the already scanned Pudgy toys. “Returning them again is lame af,” one said, suggesting instead that buyers should “donate them to kids or something if you tryna hustle like this.”

“Really gonna ruin it for others? cmon man there are kids buying these things,” another said. 

Exactly what percentage of tokens the toys will receive is unknown. A Pudgy infographic indicates that 24.12% will be given to “Other Communities,” and that 25.9% will be given to the “Pudgy Community,” consisting of various Pudgy NFT holders. A total of 88 billion PENGU tokens will be distributed altogether. 

When the PENGU airdrop will take place is also unknown, but a cryptic post indicates details about the airdrop, or the airdrop itself, could be announced tomorrow.

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Holders of FTX’s FTT will be allocated 0.35% of the new Pudgy Penguins token PENGU, according to the NFT project’s distribution plan. 

Pudgy Penguins announced the launch of PENGU early on Friday. A total of 88 billion tokens will distributed, with 17.8% allocated to the project’s team, 25.9% to NFT holders, and 12.35% to liquidity. 

FTT holders will receive a share of 308 million tokens. Since the announcement, FTT rose by 7.7% to $3.75 before falling back to $3.39. However, roughly 13 hours beforehand, it had climbed 40%. 

X user @DarkCryptoLord claims this pre-pump was a sign that “someone’s committing crime in broad daylight” and accused the Pudgy Penguins team of insider trading. 

Read more: FTX sues Binance and CZ for ‘fraudulent tweets’ and $1.8B clawback

Last November, FTX announced that it expects to start repaying customers and creditors in March with a specific date to be announced this month. A total of $16.5 billion will be distributed to victims of the FTX crash. 

Most holders of FTT will likely have been victims of the FTX crash, however, despite a bankruptcy judge deeming FTT worthless, people are still buying and trading the token. Indeed, it has a 24-hour trading volume of almost $400 million.  

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