The Flow Foundation is asking a Seoul court to halt the delisting of FLOW on South Korea’s largest crypto exchange.
FLOW Back
In an announcement on March 8, Flow Foundation and Dapper Labs (a venture-backed Web3 company known for creating CryptoKitties, NBA Top Shot, and other major NFT products) revealed that they filed a petition with the Seoul Central District Court to stop FLOW’s trading plan on Upbitin, Bithumb, and Cookin.
Crypto security fears
On December 27, Flow suffered a protocol-level exploit that allowed an attacker to mint approximately 3.9 million duplicate tokens, prompting an emergency shutdown. Initial recovery proposals included a full chain rollback that backed partners over double balance sheets and money losses; the team relied on “discrete recovery” that targeted and destroyed only the fake symptoms.
Despite the fact that users’ funds were not lost on the exchanges in the end, the Korean platforms kept FLOW under strict control. Upbit, Bithumb, and Coinone announced on February 12 that they would end trading support for FLOW on March 16, citing an exploit at the protocol level on December 16.
Security concerns are now resolved
However, every major global exchange, including Binance, Coinbase, Kraken and HTX, has now independently reviewed the incident and fully restored FLOW trading, and Binance even removed its monitoring tag after a joint decision on March 6. This confirms that “all issues related to the security incident have been resolved,” according to the Flow Foundation and Binance itself.
“Commitment to Korea”
In Korea, Corbit (one of South Korea’s oldest regulated cryptocurrency exchanges focused on KRW spot trading for major coins and retail users) completed its review, Corbit removed the trade reserve token on February 27th, and continues to support unlimited FLOW trading. The Stream Foundation expressed its special gratitude to its Korean community for its continued support:
The Fund recognizes the uncertainty of the Korean community since February and is grateful for the patience and support of Korean holders during this process.
The filing with the Seoul Central District Court is a step that “reflects the Foundation’s responsibility to protect the Korean community using every means available,” the Flow Foundation said. The foundation also assured that it “remains open to constructive dialogue with all stakeholders”.
At the same time, the Fund is pursuing new listings and expanding self-funding options for local users, and while promoting the DeFi consumer roadmap, including on-chain automation, EVM-equivalent infrastructure, and a validated lending protocol, it believes long-term adoption will prevail in a short-term market.
The growth of the streaming ecosystem
While Korea fights over FLOW’s listing status, the main chain is quietly behaving like a high-end consumer chain. Disney, the NBA, the NFL, and Ticketmaster all continue to build on Flow, collectively distributing over 100 million NFTs to over 13 million fans and generating billions in primary and secondary sales.
As Flow’s ecosystem continues to accelerate, the real question for investors watching the forced drama in Korea is whether a local divestment can really pull it off.
FLOW's price trends to the upside on the daily chart. Source: FLOWUSD on Tradingview
Cover image from ChatGPT, FLOWUSD chart from Tradingview
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