Flow Foundation files a lawsuit with Seoul Court: Demands South Korea's three major exchanges to prohibit suspending FLOW trading on 3/16

Flow Foundation and Dapper Labs today filed a petition with the Seoul Central District Court to temporarily halt the decision by three Korean exchanges—Upbit, Bithumb, and Coinone—to end FLOW trading support on March 16. Currently, major global exchanges have fully resumed FLOW-related services, with Binance jointly announcing a resolution with the Flow Foundation and removing monitoring tags.
(Background: FLOW “flash crash” over 30%! Suspected major cybersecurity incident, Upbit suspends deposits and withdrawals)
(Additional context: FLOW drops to $0.075, hitting a historic low! Binance adds monitoring tags, risking delisting)

Table of Contents

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• Security Incident Overview: No User Funds Lost
• Global Exchanges Have Resumed Services, Only Korean Three Persist in Delisting
• Flow Foundation: Ecosystem Continues to Grow

On March 9, the Flow Foundation and Dapper Labs officially submitted a motion for a temporary injunction to the Seoul Central District Court, requesting the court to suspend the decision by Korea’s three exchanges—Upbit, Bithumb, and Coinone—to end FLOW trading support on March 16.

According to an official Flow announcement, these exchanges announced on February 12 that they would cease FLOW trading on March 16 and stop deposit and withdrawal services on April 16, citing insufficient explanations from the Flow team following a security incident on December 27 of last year, which led the exchanges to believe the provided information was inadequate to lift trading alerts.

Security Incident Overview: No User Funds Lost

On December 27, 2025, attackers exploited a vulnerability in the Flow execution layer, minting approximately 150 million counterfeit FLOW tokens (worth about $3.9 million) and attempting to transfer funds via cross-chain bridges. After the incident, FLOW’s price plummeted over 30%, and Upbit temporarily suspended deposits and withdrawals.

The Flow Foundation emphasizes that no user funds were affected in this incident. All counterfeit tokens have been permanently burned, and comprehensive technical fixes have been completed.

Global Exchanges Have Resumed Services, Only Korean Three Persist in Delisting

Currently, major global exchanges have independently reviewed and fully restored FLOW services:

• Binance: On March 6, jointly announced with the Flow Foundation that all security issues had been resolved, removed the FLOW monitoring tag, and fully resumed deposits, withdrawals, and trading.
• HTX: On the same day, independently confirmed that user assets were intact, revoked the risk notice issued on January 13, and reopened trading.
• Korbit (Korea): After internal review, removed FLOW from the delisting list on February 27, confirming that technical fixes were complete.
• Coinbase, Kraken: Completed reviews and resumed services as early as January.

In other words, from Coinbase to Binance, independent reviews by global exchanges agree that the security incident with FLOW has been fully resolved. However, Upbit, Bithumb, and Coinone still insist on their original delisting schedule for March 16.

Flow Foundation: Ecosystem Continues to Grow

The Flow team also emphasizes that its ecosystem is still expanding. Disney, NBA, NFL, and Ticketmaster continue to develop products on Flow, with over 100 million NFTs issued and more than 13 million users engaged. In Japan, 24Karat distributes Flow collectibles via over 2,000 vending machines, serving 250,000 people weekly.

Additionally, Messari has published an independent Pulse Report validating Flow’s development trajectory in consumer finance. Developer activity on Flow also reached a record high in 2025.

With only one week remaining until the March 16 delisting deadline, whether the Seoul court will issue a temporary suspension will directly impact the short-term fate of Korean FLOW holders.