Binance-Listed Altcoin Plummets – Two Exchanges Halt Deposits and Withdrawals, Developers Issue Statement

According to Binance market data, the FLOW token faced strong selling pressure today.

The token price dropped from $0.17 to $0.079 during the day, and is currently trading at $0.10 at the time of writing. Thus, FLOW has lost 42.61% of its value in the last 24 hours.

The chart shows the price drop of FLOW.

Following the price drop, the Flow Foundation announced that it is investigating a potential security incident affecting the Flow network. The foundation stated that its engineering teams are actively working with network partners to mitigate the effects of the issue and that new, verified information will be shared.

Following these developments, South Korea-based cryptocurrency exchanges Upbit and Bithumb temporarily suspended deposits and withdrawals for the FLOW token. Meanwhile, the South Korean Digital Asset Exchange Association (DAXA) issued a “transaction risk warning” for FLOW.

Upbit announced that the Flow (FLOW) token has been placed on “warning” by exchanges that are members of the Digital Asset Exchanges Joint Advisory Council (DAXA). The statement indicated that findings suggesting a security issue occurred on the Flow mainnet today were detected.

Upbit emphasized that DAXA member exchanges may take steps such as issuing warnings, adding the platform to a trading alert list, or terminating trading support to protect users. It also noted that the process related to FLOW is being closely monitored, market conditions are being continuously evaluated, and users will be promptly informed and assisted in risky situations requiring caution.

*This is not investment advice.