Binance to remove Flow/BTC spot trading pair from Flow exploit report

Cryptocurrency exchange Binance has announced a change in policies related to trading and regulation following last week's $3.9 million Flow blockchain exploit.

In Friday's announcement, Binance said it will remove nine trading pairs starting Saturday, including Flow (FLOW) / Bitcoin (BTC). In a separate announcement, the company added FLOW and three other brands to its watch list.

The exchange, which said the label is “especially featured in tokens that exhibit high volatility and risks compared to other listed tokens,” noted that tokens with a watchdog label are at high risk of no longer meeting listing requirements.

Binance said the changes followed “recent assessments”, but did not specifically mention the leak exploit on Saturday, in which $3.9 million in crypto was stolen. Cointelegraph reached out to the exchange for comment on the exploit, but did not receive a response at press time.

In a post-mortem report about the exploit, Flow said, “We are concerned about the exchange's handling of this incident,” citing an “AML/KYC failure” that allowed hackers to enter the stolen FLOW tokens, convert some into Bitcoin, and withdraw the funds. Some users speculated that the unmentioned exchange might be Binance based on Flow's description.

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After canceling the block chain recovery, the flow continues with the recovery plan

As of Friday, the Flow Foundation has announced that it is working to fully restore the blockchain ecosystem as part of its $3.9 million plan to address the exploit. According to the forum, the only remaining steps in the plan were to restore the user account and fix the fraudulent token.

“The multi-day process, originally intended as a sequence, was executed in parallel, restoring both Cadence and EVM. [Ethereum Virtual Machine] Functionality in maintaining operational integrity in removing fraudulent assets and maintaining legitimate transaction history,” Flow said.

The update was criticized by many users after earlier this week it canceled the flow of proposals that included blockchain restoration. According to the forum, a full post-mortem report on the hack was expected “within 48 hours” and “a complete ecological restoration is expected this week”.

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