Binance Removes FLOW/BTC Trading Pair Following $3.9M Flow Blockchain Exploit
Binance has delisted the FLOW/BTC trading pair and placed Flow on its monitoring watchlist after a $3.9 million exploit raised concerns about the exchange's handling of stolen funds.
Major cryptocurrency exchange Binance announced Friday it will delist nine spot trading pairs, including Flow (FLOW) paired with Bitcoin (BTC), effective Saturday. The exchange has also added FLOW to its monitoring tag list, designating it as a token with notably elevated volatility and risk levels.
The monitoring tag signals that affected tokens face a higher probability of failing to meet Binance's listing requirements going forward. While Binance attributed the changes to recent token reviews, it did not directly reference the Flow blockchain exploit that occurred last week.
The incident saw hackers steal $3.9 million in cryptocurrency from the Flow network. In a preliminary analysis of the attack, Flow representatives expressed concern about an unnamed exchange's response, citing failures in anti-money laundering and know-your-customer protocols that allegedly enabled the attackers to deposit stolen FLOW tokens, exchange a portion for Bitcoin, and successfully withdraw the funds.
As of Friday, the Flow Foundation reported progress on its recovery efforts, with only user account restoration and fraudulent token remediation remaining. The foundation abandoned an earlier proposal to roll back the blockchain after facing community pushback, and indicated it would release a complete post-mortem analysis within 48 hours.
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