Flow Foundation seeks legal intervention to prevent Korean crypto exchanges from delisting FLOW
The Foundation announced on Monday that all significant international exchanges have reinstated complete FLOW trading services.
The nonprofit Flow Foundation, alongside its parent entity Dapper Labs, submitted a legal filing on Monday with the Seoul Central District Court seeking to halt the cessation of trading services for the FLOW token across three South Korean cryptocurrency exchanges.
The layer-1 blockchain network Flow experienced a "security incident" during December when a malicious actor took advantage of a system vulnerability enabling the duplication of certain digital assets instead of their proper minting, circumventing supply control mechanisms without penetrating or depleting existing user account balances.
The security breach led to the creation of $3.9 million worth of duplicated tokens, though "no user funds were compromised, and all counterfeit tokens were permanently destroyed."
Multiple cryptocurrency exchanges suspended FLOW token trading operations in the aftermath of the security breach due to concerns about how the duplicate tokens affected their market value and the network's overall reliability.
These included prominent South Korean trading platforms Upbit, Bithumb, and Coinone, which made public announcements on Feb. 12 regarding their decision to discontinue FLOW trading support effective March 16.
Nevertheless, the Flow Foundation asserted that all significant international exchanges have now "independently reviewed and restored full FLOW services" following the completion of remediation measures, and expressed that it "remains committed to ensuring open access to FLOW in every market."
FLOW is available on major exchanges
A review of the legal application will be conducted by the Seoul Central District Court on March 9, at which point the court will decide on subsequent procedures.
According to the Foundation's statement, the token "remains fully available on major global exchanges," with listings maintained on Coinbase, Kraken, OKX, Gate.io, HTX, Binance, and Bybit, while Korbit has continued providing FLOW trading services within the Korean market.
Dapper Labs, known for creating the popular NFT project CryptoKitties, revealed plans for Flow's development in 2019 as an innovative layer-1 blockchain solution engineered to resolve scalability obstacles impacting Web3 gaming applications and digital collectibles.
According to the Foundation, the Flow ecosystem is experiencing continued expansion. Major corporations including Disney, NBA, NFL, and Ticketmaster are achieving positive results as they maintain active development on the blockchain platform, the organization noted.
FLOW collapses from all-time high
The same cannot be said for the FLOW token's performance, however.
While the digital asset has experienced modest gains following Monday's announcement, it has plummeted 75% since the security incident that occurred in late December, and is presently trading at a price of $0.043.
According to data from CoinGecko, FLOW has declined 99.9% from its 2021 all-time high when it reached $42. DeFiLlama reports indicate that total value locked on the platform has decreased 82% to $21 million since reaching its peak in November 2025.
In the broader context, the total NFT market capitalization has experienced a 92% decline from its peak of approximately $17 billion in mid-2022 to roughly $1.4 billion at present, based on CoinGecko data.
