Key Takeaways
- The Flow Foundation is investigating a potential security breach affecting its network.
- Major Korean crypto exchange, Upbit, issued a cautionary advisory regarding the FLOW token following the incident.
Crypto exchange Upbit on Saturday issued a caution advisory for Flow (FLOW), the layer 1 blockchain developed by Dapper Labs, after the project flagged a potential security incident affecting its mainnet.
The Flow Foundation, along with its engineering teams and network partners, is investigating and addressing the issue, according to their latest update.
Upbit said the situation is under review and the exchange may take protective measures, including warnings, trading restrictions, or ending support if necessary. Users holding FLOW are urged to be cautious.
The announcement follows a sharp selloff in FLOW earlier today. The asset fell from more than $0.17 to about $0.1, its lowest level since launch, according to data from CoinGecko. FLOW once traded as high as $42 at its peak.
Meanwhile, the crypto market continues to struggle, with Bitcoin still unable to reclaim the $90,000 mark. Analysts remain cautious and see limited upside in the near term.
Source: https://cryptobriefing.com/flow-token-price-drop-security-concerns/
