According to Binance market data, FLOW token faced strong selling pressure today.
The token price fell from $0.17 to $0.079 during the day and is currently trading at $0.10 at the time of writing. Therefore, FLOW lost 42.61% of its value in the past 24 hours.
The chart shows a decline in the price of FLOW.
Following the price drop, the Flow Foundation announced that it is investigating a potential security incident affecting the Flow network. The foundation said its engineering team is actively working with network partners to mitigate the impact of the issue, and new information will be shared as it is verified.
In response to these developments, South Korea-based cryptocurrency exchanges Upbit and Bithumb have temporarily suspended deposits and withdrawals of FLOW tokens. Meanwhile, the Korea Digital Asset Exchange Association (DAXA) has issued a “transaction risk warning” against FLOW.
Upbit has announced that its Flow (FLOW) token has been placed on “warning” by exchanges that are members of the Digital Asset Exchange Joint Advisory Committee (DAXA). The statement indicated that findings suggesting a security issue had occurred on the Flow mainnet were detected today.
Upbit emphasized that DAXA member exchanges may take actions to protect users, such as issuing warnings, adding platforms to the trading alert list, or ending trading support. It also pointed out that processes related to FLOW are closely monitored, market conditions are continuously evaluated, and users are quickly informed and assisted in any dangerous situations that require attention.
*This is not investment advice.
