Flow price plummets 30%, suspected cybersecurity incident, warning issued by multiple Korean exchanges

Well-known blockchain Flow suspected of a cybersecurity incident, with the token price plummeting from 0.17 to 0.11, a decline of over 30%. Following the news, several major Korean cryptocurrency exchanges quickly implemented risk control measures. Upbit, Bithumb, and Coinone announced that due to suspected security issues with FLOW, they have temporarily suspended deposit and withdrawal services for the token. At the same time, the Korea Digital Asset Exchange Alliance (DAXA) also issued a “Trading Risk Warning” for FLOW, alerting investors to potential risks.

Suspected cybersecurity incident, Flow warned by Korean exchanges

It is understood that the Flow team is investigating a “possible security incident affecting the Flow network,” but no specific details or scope of impact have been disclosed as of now. The price of FLOW has dropped from 0.17 to 0.11, a decline of over 30%.

Following the news, several major Korean cryptocurrency exchanges quickly implemented risk control measures. Upbit, Bithumb, and Coinone announced that due to suspected security issues with FLOW, they have temporarily suspended deposit and withdrawal services for the token. At the same time, the Korea Digital Asset Exchange Alliance (DAXA) also issued a “Trading Risk Warning” for FLOW, alerting investors to potential risks.

Once reaching a high of 42.4, Flow is now only worth 0.11 USD

Flow is a Layer-1 public blockchain launched by Dapper Labs, positioned as a consumer-oriented blockchain designed specifically for NFTs, blockchain games, and Web3 applications, emphasizing high throughput, low transaction fees, and a good user experience. Its ecosystem includes notable projects such as NBA Top Shot and other well-known IP digital collectibles platforms. The FLOW token is used for paying network transaction fees, staking for nodes, and governance. Previously, Taiwan’s blockchain wallet Blocto accused Flow and attempted communication with the official team for over half a year, but received no response before ceasing operations.

(Taiwan blockchain wallet Blocto ceases operations, gains popularity through NBA Top Shot, and is invested in by Mavericks owner )

Looking back at its development history, Flow raised approximately $43 million through token sales such as CoinList public offerings in 2020, used for mainnet launch and early ecosystem development. In 2022, Dapper Labs, together with well-known institutions like a16z, Coatue, Digital Currency Group, and Union Square Ventures, established the Flow ecosystem fund with a scale of $725 million, focusing on investments in gaming, infrastructure, DeFi, and content creators.

However, as the NFT market cools and the crypto industry cycle reverses, FLOW’s price has significantly fallen from its high. Data shows that FLOW reached a historical high of $42.4 on April 5, 2021.

This article about FLOW’s price plummeting 30%, suspected cybersecurity incident, and warnings from multiple Korean exchanges first appeared on Chain News ABMedia.