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

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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.

Summary

  • Flow Foundation and Dapper Labs have asked a Seoul court to suspend the planned termination of FLOW trading on Upbit, Bithumb, and Coinone.
  • A December 2025 exploit allowed an attacker to duplicate about $3.9 million in tokens, but post-incident reports confirmed user balances were not affected.

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.

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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.

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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.

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“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.

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Crypto World

Cardano Called the ‘Most Useless Network in Crypto’ as ADA Down 92% From ATH

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Cardano Called the 'Most Useless Network in Crypto' as ADA Down 92% From ATH


The analyst who made that claim also laid out the most important support levels for ADA going forward.

Popular crypto market observer and commentator Ali Martinez took it to X to criticize the popular blockchain network, Cardano, for its failure to deliver on many of its promises.

Given the project’s popularity, many of the comments below the post lashed out at his harsh words, but there were some that agreed with his statements.

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Most Useless Blockchain?

In a post titled “The Most Useless Network In The Crypto Market,” Martinez began by indicating that the Cardano DeFi ecosystem has never exceeded the coveted $1 billion mark. He added that it has “historically been only a fraction of what is locked on competing platforms like Ethereum.”

A quick double check on DeFiLlama confirms his words, as the Cardano TVL in DeFi peaked last year at roughly $700 million. However, the value has plummeted to $136 million as of press time. In comparison, the TVL on Ethereum is currently at a whopping $55 billion, down from almost $100 billion reached last year.

Solana’s TVL jumped to over $12 billion in September 2025, but it’s down to $6.6 billion as of now. Martinez also compared Cardano’s TVL with newer chains like SUI, which has already surpassed it with $568 million after peaking at $2.5 billion last year.

“Unlike Ethereum, which has built a dominant position in DeFi, or Solana, which has captured high-speed consumer applications, Cardano still lacks a clear use case that consistently attracts users, developers, and investors,” said Martinez.

He added that Cardano was officially launched nine years ago, but smart contracts were introduced in 2021, which allowed its competitors to “build stronger network effects with more developers, applications, and liquidity.”

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He believes Cardano’s research-driven model, which prioritizes academic review and formal verification, slows down product rollouts compared to other blockchains.

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As mentioned above, the community was split after his post, with some bringing out Cardano’s liquid staking capabilities, while others agreed to a large extent with his words.

ADA’s Survival

Martinez also explained that blockchains that reach scale early tend to attract more capital and talent as this is a market “driven by adoption and network activity.” This makes it “difficult for slower-growing networks to catch up once competitors establish a lead,” which could be the main reason behind ADA’s struggles.

The token peaked at over $3 in 2021, but it has fallen from grace since then, currently trading 91.7% away from those levels. Even the 2024/2025 bull rally managed to drive it to as high as $1.30, and it now sits at around $0.25.

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Martinez weighed in on ADA’s performance as well, suggesting that if it breaks the $0.245 support, it could plunge to the next ones at $0.112 or $0.021, which would represent another 50% to 80% decline.

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Oil Cools After Overnight Spike as G7 Eyes Reserve Release

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Oil Cools After Overnight Spike as G7 Eyes Reserve Release

Oil prices pulled back sharply early Monday after reports that Group of Seven (G7) finance ministers planned an emergency call to discuss a coordinated release of strategic crude reserves, giving markets a possible policy response to the war-driven supply shock.

The Financial Times reported that G7 finance ministers planned an emergency call to discuss a possible coordinated release of 300 million to 400 million barrels from strategic oil reserves to calm markets after the war-driven spike in crude prices. The G7 countries consist of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, with the European Union as a non-enumerated member.

On Hyperliquid, crude oil futures rose nearly 25% to as high as about $117 overnight before falling by around 14.5% to roughly $100 after the G7 reports emerged. The reversal suggested traders were quickly repricing the risk of a coordinated reserve release even as the conflict continued to threaten supply.

OIL/USD price chart. Source: Hyperliquid

Bitcoin rebounds after earlier drop

Bitcoin (BTC) also rebounded after an earlier drop during the oil spike. After falling to about $65,725, CoinGecko data shows BTC climbing as high as $67,992.88 at the time of writing, a gain of roughly 3.45% in a few hours.

CryptoQuant analyst Darkfost said in a market note that higher oil prices and Strait of Hormuz tensions could weigh on risk appetite and complicate the outlook for volatile assets such as Bitcoin.

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“Historically, periods when oil prices regain strength often coincide with BTC end-of-cycle phases,” he wrote. 

Source: CryptoQuant

Hyperliquid HIP-3 hits record weekend volume on oil price surge

The episode also underscored how onchain venues can attract demand when traditional markets are closed.

Hyperliquid’s oil-linked contracts had already surged after the initial US-Israeli strike on Iran in late February, with traders turning to decentralized perpetuals for round-the-clock commodity exposure. Hyperliquid data shows that Tradexyz, a trading interface built on Hyperliquid, reached its highest weekend volume of over $610 million on Feb. 28.

Related: Iranian crypto outflows spike 700% after US-Israeli airstrikes

As the conflict escalates, oil prices have continued to rise, and Tradexyz has surpassed its previous weekend record with nearly $720 million in trading volume over the weekend, onchain analytics hub Pine Analytics said in an X post on Monday. 

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“These two waves of demand in the past month on Tradexyz show the platform is absorbing demand for traditional assets by people who don’t have TradFi access, or at points in time when these exchanges are offline,” Pine wrote.