2 days ago
Nonprofit enactment Flow Foundation and its genitor institution Dapper Labs connected Monday filed with the Seoul Central District Court to suspend the termination of trading enactment for its autochthonal token FLOW connected 3 South Korean exchanges.
Layer-1 blockchain Flow suffered a “security incident” successful December erstwhile an attacker exploited a vulnerability that allowed definite assets to beryllium duplicated alternatively than minted, bypassing proviso controls without accessing oregon draining existing idiosyncratic balances.
The exploit resulted successful $3.9 cardinal successful duplicated tokens, but “no idiosyncratic funds were compromised, and each counterfeit tokens were permanently destroyed.”
Several exchanges halted FLOW token trading pursuing the incidental owed to the interaction of duplicate tokens connected their worth and the trustworthiness of the network.
Among these were large Korean exchanges Upbit, Bithumb, and Coinone, which announced connected Feb. 12 that they would extremity FLOW trading enactment connected March 16.
However, Flow Foundation claimed that each large planetary speech has present “independently reviewed and restored afloat FLOW services” since the remediation efforts, and said it “remains committed to ensuring unfastened entree to FLOW successful each market.”
FLOW is disposable connected large exchanges
The Seoul Central District Court volition reappraisal the exertion connected March 9 and find the adjacent steps.
The Foundation stated that the token “remains afloat disposable connected large planetary exchanges,” including Coinbase, Kraken, OKX, Gate.io, HTX, Binance, and Bybit, with Korbit continuing to enactment FLOW trading successful Korea.
Related: Magic Eden winds down EVM, Bitcoin NFT markets to absorption connected gambling
Dapper Labs, the creators of the NFT task CryptoKitties, announced the improvement of Flow successful 2019 arsenic a caller layer-1 blockchain designed to code scalability challenges facing Web3 games and integer collectibles.
The Flow ecosystem continues to grow, said the Foundation. Disney, NBA, NFL, and Ticketmaster are each seeing occurrence arsenic they proceed actively gathering connected the blockchain, it added.
FLOW collapses from all-time high
It is not the lawsuit for the FLOW token, however.
The plus has gained marginally pursuing the announcement, but has tanked 75% since the incidental successful precocious December, and is presently trading astatine $0.043.
FLOW is down 99.9% from its 2021 all-time precocious erstwhile it reached $42, according to CoinGecko. Total worth locked connected the level is down 82% to $21 cardinal since its November 2025 peak, reports DeFiLlama.
Meanwhile, full NFT marketplace capitalization has declined 92% from its highest of astir $17 cardinal successful mid-2022 to astir $1.4 cardinal today, according to CoinGecko.
Flow TVL losses person accelerated since the information incident. Source: DeFiLlamaMagazine: Bitcoin to outperform golden soon, FBI busts $46M crypto heist: Hodler’s Digest
Cointelegraph is committed to independent, transparent journalism. This quality nonfiction is produced successful accordance with Cointelegraph’s Editorial Policy and aims to supply close and timely information. Readers are encouraged to verify accusation independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
English (US) 