The Flow Foundation and Dapper Labs have filed a motion with the Seoul Central District Court to halt the termination of trading support for its native FLOW token on three South Korean exchanges. This action follows a security incident in December where a vulnerability led to the duplication of assets, resulting in $3.9 million in counterfeit tokens. No user funds were compromised, and all counterfeit tokens were destroyed.
Major Korean exchanges Upbit, Bithumb, and Coinone announced they would end FLOW trading support on March 16. However, the Flow Foundation asserts that all major global exchanges have since restored full FLOW services after remediation efforts. The Seoul Central District Court will review the application on March 9.
FLOW remains available on global exchanges including Coinbase, Kraken, and Binance. Korbit continues to support FLOW trading in Korea. Dapper Labs, creators of CryptoKitties, developed Flow in 2019 to address scalability challenges in Web3 gaming and digital collectibles. Partners like Disney, NBA, NFL, and Ticketmaster are actively building on the blockchain.
Despite these developments, the FLOW token has declined significantly, down 75% since the late December incident and 99.9% from its 2021 all-time high of $42. Total value locked on the platform has also decreased substantially.