Binance has tightened its trading and monitoring policies for the token FLOW after a $3.9 million hacking incident involving FLOW, Cointelegraph reported on Thursday.
Binance removed nine spot trading pairs, including FLOW/bitcoin (BTC), and added FLOW to its monitoring tag list. The monitoring tag applies to tokens with high volatility and risk and can lead to delisting if listing criteria are not met.
Binance said the move followed the results of a recent review, but did not mention any direct link to the FLOW hacking incident.
The FLOW hacking incident occurred as hackers converted stolen tokens into BTC and withdrew them due to AML/KYC failures. The FLOW Foundation proposed a recovery plan including a blockchain rollback after the incident, but withdrew it after user backlash. The foundation is now working to restore blockchain functions and remove illicit trading assets, and plans to complete a full recovery within this week.
Chi-gyu Hwang
delight@d-today.co.kr