Seoul Court Rejects Injunction, Triggering FLOW Delisting on March 16
The Seoul Central District Court on March 13, 2026, rejected an emergency injunction filed by the Flow Foundation and Dapper Labs. The legal move sought to prevent three of South Korea's largest crypto exchanges—Upbit, Bithumb, and Coinone—from halting trade of the FLOW token. With the court's refusal, the exchanges proceeded with the delisting as planned on March 16, effectively cutting off the token from a significant portion of the Korean market.
Delisting Stems From $3.9M Exploit and 99.9% Price Collapse
The exchanges' decision, originally announced on February 12, was a direct consequence of a security incident on December 27, 2025. During the exploit, an attacker managed to duplicate tokens worth approximately $3.9 million. While the Flow Foundation asserts that no user funds were stolen and the counterfeit tokens were destroyed, the incident eroded confidence among the Korean platforms. This blow to market access compounds a catastrophic price decline for the token. FLOW has fallen approximately 99.9% from its 2021 record high of $42 to a recent price of $0.043. The network's total value locked (TVL) has also plummeted 82% from its November 2025 peak to just $21 million.
Flow Diverges From Global Exchanges, Vows to Rebuild in Korea
The delisting creates a stark divergence between South Korean and global exchanges. Major international platforms, including Binance, Coinbase, and Kraken, have all restored full trading for FLOW after conducting their own reviews of the security incident. Within Korea, only the Korbit exchange continues to support the token after lifting its trading caution on February 27. Despite the setback, the Flow Foundation stated it is not leaving the Korean market. The organization is actively pursuing new regional exchange listings and hiring a General Manager for the Asia-Pacific region. Development on the network continues with partners like Disney, the NBA, and Ticketmaster, and developer activity reportedly hit an all-time high in 2025.
