The Flow Foundation and Dapper Labs have officially petitioned the Seoul Central District Court to block the scheduled delisting of the $FLOW token from major South Korean exchanges. This legal maneuver aims to prevent the March 16 termination of trading support on Upbit, Bithumb, and Coinone, following a security incident that triggered a wave of exchange-led suspensions.
Why are Korean exchanges delisting $FLOW?
The friction stems from a December security breach where an attacker exploited a network vulnerability to duplicate tokens. While the Foundation maintains that the exploit resulted in $3.9 million worth of counterfeit assets—all of which were subsequently destroyed—the incident damaged the perception of network integrity.
Crucially, the Foundation argues that the situation has been fully remediated. They point to the fact that global giants like Binance, Coinbase, and Kraken have already restored full service after independent audits. By filing this motion, the Flow team is attempting to force Korean platforms to align with the global consensus that the network is once again secure.
Is the Flow ecosystem actually recovering?
While the legal battle unfolds, the on-chain reality remains challenging. According to DeFiLlama, the Total Value Locked (TVL) on the Flow blockchain has plummeted 82% from its November 2025 peak, currently sitting at roughly $21 million.
| Metric | Current Status |
|---|---|
| Token Price | $0.043 |
| Peak-to-Current Drawdown | 99.9% |
| TVL | $21 Million |
| Incident Cost | $3.9 Million |
Despite these figures, the Foundation maintains that enterprise adoption is steady. High-profile partners including Disney, the NBA, and Ticketmaster continue to utilize the Flow infrastructure, suggesting a disconnect between token price performance and institutional utility.
What happens next in the Seoul Central District Court?
The court is scheduled to review the injunction application on March 9. If the motion is denied, the delisting on the three Korean exchanges will proceed on March 16, further narrowing the liquidity pool for $FLOW in the Asian market. Currently, Korbit remains the only major Korean venue committed to supporting the token, creating a potential liquidity bottleneck for local retail traders.