FLOW Token Plummets 40% Amid Suspected $4M Exploit
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Token Crash: The FLOW token experienced a dramatic drop of over 40% within hours, plummeting from approximately $0.17 to $0.10, which severely impacted market confidence and led to trading volumes exceeding $170 million.
- Security Incident Investigation: The Flow Foundation is investigating a potential security incident affecting the network, with engineering teams actively coordinating with partners to mitigate the issue and provide verified updates, demonstrating a strong commitment to user safety.
- Asset Losses: Analyst Wazz estimated that nearly $4 million in assets were drained through irregular token minting, with the attack potentially involving various tokens, including native FLOW and bridged assets, further exacerbating market unease.
- Exchange Response: South Korean exchanges swiftly suspended FLOW deposits and withdrawals to shield users from further risk, while the Digital Asset Exchange Alliance issued a formal transaction risk warning, highlighting the seriousness of the situation.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
