Flow Foundation seeks court order to stop FLOW token delisting in South Korea

Flow Foundation and Dapper Labs have filed a motion with the Seoul Central District Court to suspend the termination of trading support on major South Korean exchanges for the Flow blockchain’s native FLOW token.

According to a March 8 announcement, the firms are asking the court to temporarily halt the delisting decision by Upbit, Bithumb, and Coinone, which announced plans to end trading support for the token on Feb. 12 after a security incident on the layer-1 blockchain.

As previously reported by crypto.news, on Dec. 27, the Flow blockchain suffered a protocol-level exploit that allowed an attacker to mint about $3.9 million in duplicated tokens.

Although post-mortem reports published later confirmed that the incident did not impact user balances, it led to a temporary halt of the network and triggered emergency measures from validators, who were able to pause the chain and work with exchange partners to freeze and recover funds linked to the attack.

Flow initially proposed a full chain rollback recovery plan, which received opposition from ecosystem partners who were concerned it could create double balances for users who bridged assets out during the rollback window and losses for those who had bridged assets into the network during the same period.

Developers later opted for an isolated recovery plan by targeting and destroying the duplicate tokens in a bid to preserve legitimate user activity on the network.

Several exchanges suspended FLOW trading and services following the incident, including Upbit, Bithumb, and Coinone, which are at the center of the Flow Foundation’s court motion.

However, after conducting individual reviews of the incident and the remediation measures taken by the project, many of these platforms have since restored full services for the token.

The foundation contends that the FLOW token remains available on major global exchanges, including Binance, Coinbase, Kraken, while Korbit continues to support FLOW trading in South Korea.

“Given the weight of new evidence, Flow Foundation and Dapper Labs have filed a motion with the Seoul Central District Court requesting a suspension of the trading termination until a thorough review can be completed,” the foundation said.

“This step reflects the responsibility of the Foundation to advocate for the Korean community using every available pathway. The Foundation remains open to constructive conversation with all parties involved,” it added.

The court is set to review the application on March 9 and will determine the next steps in the case.

Further, the foundation said it would continue to pursue additional exchange listings in South Korea and would expand “self-custody access options” for impacted users.

As of last check, FLOW token was down 6.4% over the past 24 hours and was trading 99.9% below its all time high.