The Flow Foundation and parent company Dapper Labs are trying to prevent three major South Korean stock exchanges from halting trading in FLOW through the court in Seoul. Upbit, Bithumb and Coinone plan to delist the token on March 16 after a security incident in which $3.9 million worth of tokens were duplicated. The judge will hear the case today.
Security breach led to token duplication
The Flow blockchain was hit by a vulnerability in December that allowed an attacker to duplicate digital assets instead of creating them according to normal rules. The network’s supply controls were thus temporarily circumvented.
According to the Flow Foundation, this amounts to approximately $3.9 million worth of duplicated tokens. The organization states that no user funds have been stolen and that all counterfeit tokens have now been permanently destroyed. The network is said to have been fully restored.
Three exchanges want to scrap FLOW, Foundation is contesting
Upbit, Bithumb and Coinone announced on February 12 that they will end trading in FLOW on March 16. The stock exchanges are concerned about the reliability of the network after the incident.
The Flow Foundation disagrees and went to court. International exchanges such as Coinbase, Kraken, Binance, OKX and Bybit have fully restored trading in FLOW after checks. Within South Korea, only Korbit still offers the token.
Price 99.9% below record level
The numbers are sobering. FLOW is at $0.043, down 75% since the security incident in December. From its 2021 record high of $42, the token is down 99.9%.
Activity on the network is also decreasing. Total locked value on Flow has fallen 82% to approximately $21 million since its peak in November 2025, according to DeFiLlama.
NFT market has shrunk 90%
Flow’s problems are not isolated. The broader NFT market has been shrinking for years. The total market capitalization of NFTs fell from $17 billion in 2022 to around $1.4 billion today, a decline of more than 90%.
Flow was developed in 2019 by Dapper Labs, the company behind CryptoKitties. Big names like Disney, the NBA, the NFL and Ticketmaster have built projects on the network. But those partnerships have not been able to prevent the share price fall. The ruling in Seoul could determine whether FLOW has a future on the Korean market at all.
Source: https://newsbit.nl/flow-foundation-stapt-naar-rechter-om-delisting-op-zuid-koreaanse-cryptobeurzen-te-voorkomen/
