The nonprofit Flow Foundation and its parent company Dapper Labs filed a request with the Seoul Central District Court on Monday to suspend trading support for the native FLOW token on three South Korean exchanges.
In December, Layer-1 Blockchain Flow suffered a “security incident” when an attacker exploited a vulnerability that allowed certain resources to be duplicated rather than mined, bypassing supply controls without accessing or draining users’ existing balances.
The exploit resulted in $3.9 million worth of duplicate tokens, but “no user funds were affected and all fake tokens were permanently destroyed.”
Several exchanges suspended trading of FLOW tokens following the incident due to the impact of duplicate tokens on their value and network credibility.
These included major Korean exchanges Upbit, Bithumb and Coinone, which announced on February 12 that they would end support for FLOW trading on March 16.
However, the Flow Foundation stated that since the remedial action was taken, every major global exchange has “independently reviewed and restored full FLOW services” and he said “continues to strive to ensure open access to FLOW in every market.”
FLOW is available on major exchanges
The Seoul Central District Court will hear the application on March 9 and determine next steps.
The foundation said 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.
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Dapper Labs, creators of the NFT CryptoKitties project, announced the development of Flow in 2019 as a novel layer 1 blockchain designed to address the scalability challenges facing Web3 games and digital collectibles.
According to the Foundation, the Flow ecosystem is still developing. Disney, NBA, NFL and Ticketmaster are seeing success as they continue to actively build on blockchain, he added.
FLOW falls from an all-time high
However, this does not apply to the FLOW token.
The asset’s value increased slightly following the announcement, but since the incident in overdue December it has dropped by 75% and is currently trading at $0.043.
According to CoinGecko, FLOW’s value is down 99.9% from its all-time high in 2021, when it hit $42. Total value locked on the platform has fallen 82% to $21 million since its peak in November 2025, reports DeFiLlama.
Meanwhile, the total NFT market capitalization has declined by 92% from a peak of around $17 billion in mid-2022 to around $1.4 billion today, According to this CoinGecko.
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