Flow Foundation files court motion to block Korean exchange delistings
Anonim tarafından
Every major global exchange has restored full FLOW services, said the Foundation on Monday.
Nonprofit organization Flow Foundation and its parent company Dapper Labs on Monday filed with the Seoul Central District Court to suspend the termination of trading support for its native token FLOW on three South Korean exchanges.
Layer-1 blockchain Flow suffered a “security incident” in December when an attacker exploited a vulnerability that allowed certain assets to be duplicated rather than minted, bypassing supply controls without accessing or draining existing user balances.
The exploit resulted in $3.9 million in duplicated tokens, but “no user funds were compromised, and all counterfeit tokens were permanently destroyed.”
Several exchanges halted FLOW token trading following the incident due to the impact of duplicate tokens on their value and the trustworthiness of the network.
Among these were major Korean exchanges Upbit, Bithumb, and Coinone, which announced on Feb. 12 that they would end FLOW trading support on March 16.
However, Flow Foundation claimed that every major global exchange has now “independently reviewed and restored full FLOW services” since the remediation efforts, and said it “remains committed to ensuring open access to FLOW in every market.”
The Seoul Central District Court will review the application on March 9 and determine the next steps.
The Foundation stated that the token “remains fully available on major global exchanges,” including Coinbase, Kraken, OKX, Gate.io, HTX, Binance, and Bybit, with Korbit continuing to support FLOW trading in Korea.
Related: Magic Eden winds down EVM, Bitcoin NFT markets to focus on gambling
Dapper Labs, the creators of the NFT project CryptoKitties, announced the development of Flow in 2019 as a new layer-1 blockchain designed to address scalability challenges facing Web3 games and digital collectibles.
The Flow ecosystem continues to grow, said the Foundation. Disney, NBA, NFL, and Ticketmaster are all seeing success as they continue actively building on the blockchain, it added.
It is not the case for the FLOW token, however.
The asset has gained marginally following the announcement, but has tanked 75% since the incident in late December, and is currently trading at $0.043.
FLOW is down 99.9% from its 2021 all-time high when it reached $42, according to CoinGecko. Total value locked on the platform is down 82% to $21 million since its November 2025 peak, reports DeFiLlama.
Meanwhile, total NFT market capitalization has declined 92% from its peak of around $17 billion in mid-2022 to roughly $1.4 billion today, according to CoinGecko.
Magazine: Bitcoin to outperform gold soon, FBI busts $46M crypto heist: Hodler’s Digest
Source: CoinTelegraph
