Flow Foundation Moves to Block FLOW Delistings on Korean Exchanges

Flow Foundation Seeks Court Order to Block Korean Exchange Delistings

The Flow Foundation and its parent company Dapper Labs have filed a legal motion with the Seoul Central District Court to prevent the delisting of the FLOW token from several major South Korean cryptocurrency exchanges.

The motion was submitted on Monday in response to delisting decisions made by Upbit, Bithumb, and Coinone, which announced plans to end trading support for the token on March 16.

The court is scheduled to review the request on March 9 before determining the next steps.

Security Incident Triggered Exchange Concerns

The delisting announcements followed a security incident in December involving the Flow blockchain.

During the exploit, an attacker discovered a vulnerability that allowed certain assets to be duplicated instead of properly minted, bypassing the network’s supply controls.

The issue resulted in approximately $3.9 million worth of duplicated tokens being created.

However, according to the Flow Foundation:

• No user funds were stolen

• The exploit did not drain existing balances

• All counterfeit tokens were permanently destroyed

Despite the quick response, the presence of duplicate tokens raised concerns among exchanges about the integrity of the token supply and market trust.

Exchanges Halted Trading Support

Following the incident, several South Korean exchanges temporarily halted FLOW trading.

Later, Upbit, Bithumb, and Coinone announced they would permanently end trading support for the token.

The decision sparked concern within the Flow ecosystem because South Korea remains one of the world’s most active cryptocurrency trading markets.

In response, the Flow Foundation launched legal action in an attempt to suspend the delisting process.

FLOW Still Supported on Global Exchanges

The Flow Foundation emphasized that most global exchanges have already restored full services for the token after reviewing the incident and the remediation steps taken by the network.

According to the organization, FLOW continues to trade on major platforms including:

• Coinbase

• Krake

• OKX

• Gate.io

• HTX

• Binance

• Bybit

Meanwhile, Korbit continues to support FLOW trading within South Korea.

The Foundation stated it remains committed to maintaining open market access for FLOW worldwide.

Flow Blockchain Still Attracts Major Brands

Despite recent challenges, the Flow ecosystem continues to attract high-profile partners.

The blockchain was originally developed by Dapper Labs in 2019 as a layer-1 network optimized for Web3 games, NFTs, and digital collectibles.

The ecosystem has previously supported projects and collaborations involving major brands such as:

• Disney

• NBA

• NFL

• Ticketmaster

Flow was also created by the team behind the early NFT success CryptoKitties.

FLOW Token Struggles After Market Decline

While the ecosystem continues to develop, the FLOW token price has experienced a steep decline.

Following the December exploit, the asset has dropped around 75% and is currently trading near $0.043.

The token is also down roughly 99.9% from its all-time high of $42 in 2021, according to CoinGecko.

On-chain metrics reflect the downturn:

• Total value locked (TVL) on Flow has fallen 82% to around $21 million, according to DeFiLlama.

• The broader NFT market capitalization has dropped 92%, declining from $17 billion in mid-2022 to about $1.4 billion today.

What Happens Next

The court’s upcoming review could determine whether Korean exchanges must temporarily restore FLOW trading while the legal process continues.

The outcome may also influence how exchanges respond to security incidents and token supply vulnerabilities in the future.

For now, the Flow Foundation is focusing on restoring market confidence and maintaining exchange access as the ecosystem continues to evolve.

See all our insights: Bitcoin World News