SKN | Flow Foundation Moves to Block Korean Exchange Delistings of FLOW Token

Key Points

• Flow Foundation filed a court motion in South Korea to halt the delisting of the FLOW token from several major local exchanges.
• The exchanges cited a December security incident that created duplicate tokens worth about $3.9 million.
• Despite remediation efforts and continued global listings, the FLOW token remains heavily down from its previous highs.

The nonprofit Flow Foundation and its parent company Dapper Labs have filed a motion with the Seoul Central District Court seeking to suspend the delisting of the FLOW token from several major South Korean exchanges.

The request aims to block plans by leading Korean trading platforms to terminate support for the token after a security incident that affected the network late last year.

The court is scheduled to review the application on March 9 before determining whether the delistings can proceed.

Security Incident Triggered Exchange Concerns

The dispute stems from a December security issue on the Flow network, where an attacker exploited a vulnerability that allowed certain digital assets to be duplicated rather than properly minted.

The exploit created approximately $3.9 million worth of counterfeit tokens. According to the Flow Foundation, the attacker did not access or drain user accounts, and all duplicated tokens were later destroyed.

Despite these remediation efforts, several exchanges halted trading due to concerns over the token’s supply integrity and potential market impact.

Among the platforms that announced plans to end trading support are Upbit, Bithumb and Coinone, which said FLOW trading would be terminated on March 16.

Token Remains Listed on Global Exchanges

Flow Foundation argues that most major international exchanges have already reviewed the incident and restored full services for the token.

The organization said FLOW continues to trade on global platforms including Coinbase, Kraken, OKX, Binance and Bybit.

Within South Korea, Korbit continues to support FLOW trading.

The foundation said it remains committed to ensuring that the token remains accessible to users across global markets.

Flow Ecosystem Continues Despite Token Decline

The Flow blockchain was introduced in 2019 by Dapper Labs, the team behind the popular NFT project CryptoKitties. The network was designed to support large-scale Web3 applications, particularly in gaming and digital collectibles.

Major brands such as Disney, NBA, NFL and Ticketmaster have built projects on the blockchain.

However, the FLOW token itself has struggled. The asset has dropped roughly 75% since the December incident and is currently trading near $0.043.

That represents a decline of about 99.9% from its 2021 peak of $42, according to market data.

Broader NFT Market Downturn Adds Pressure

The downturn in FLOW also reflects the broader contraction across the NFT sector.

Data shows total NFT market capitalization has fallen roughly 92% from its peak of about $17 billion in 2022 to around $1.4 billion today.

Meanwhile, total value locked on the Flow network has also declined sharply, dropping about 82% from its late-2025 peak to approximately $21 million.

The outcome of the court case may determine whether FLOW maintains a foothold in one of the world’s most active crypto trading markets.