Binance delists FLOW/BTC pair, flags token after exploit

Cryptocurrency speech Binance has announced a alteration successful its policies related to trading and monitoring pursuing a $3.9 cardinal exploit of the Flow blockchain past week.

In a Friday announcement, Binance said it would region 9 spot trading pairs from the speech opening connected Saturday, including 1 for Flow (FLOW)/Bitcoin (BTC). In a abstracted notice, the institution included FLOW and 3 different tokens connected its monitoring tag list.

The tag is featured successful tokens exhibiting “notably higher volatility and risks compared to different listed tokens,” the speech said, noting that tokens with the monitoring tag are astatine a precocious hazard of nary longer gathering listing standards.

Binance added 4 caller tokens to its monitoring tag database connected Friday. Source: Binance

Binance said the changes followed “recent reviews” of the tokens, but did not explicitly notation the Flow exploit connected Saturday, which resulted successful $3.9 cardinal successful crypto being stolen. Cointelegraph reached retired to the speech for remark connected the exploit, but had not received a effect astatine the clip of publication.

In a preliminary post-mortem report connected the exploit, Flow said it was “concerned by 1 exchange's handling of this incident,” referring to an “AML/KYC failure” that allowed the hackers to deposit the stolen FLOW tokens, person immoderate to Bitcoin, and retreat the funds. Some users speculated that, based connected Flow’s description, the unnamed speech could person been Binance.

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Flow continues with betterment program aft scrapping blockchain rollback

As of Friday, the Flow Foundation said that it was moving connected afloat restoring the blockchain ecosystem arsenic portion of a program to code the $3.9 cardinal exploit. According to the platform, the lone steps remaining successful the program were to code idiosyncratic relationship restoration and fraudulent token remediation.

“What was initially projected arsenic a sequential, multi-day process has been executed successful parallel, restoring some Cadence and EVM [Ethereum Virtual Machine] functionality portion maintaining surgical precision successful removing fraudulent assets and preserving morganatic transaction history,” said Flow.

The update followed Flow scrapping a proposal from earlier this week that included a rollback of the blockchain, which it halted amid disapproval from galore users. According to the platform, it expected to merchandise a broad post-mortem study connected the hack “within 48 hours” with “complete ecosystem restoration expected this week.”

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