FLOW Coin Drops Double-Double While Cryptocurrency Market Surges-Here’s Why

Note that FLOW has been outside the broader market recovery, with the token falling by double digits in the last 24 hours.

These rollbacks come as the network continues its efforts to repair the damage after being attacked recently.

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Why the price of FLOW coin fall?

The cryptocurrency market registered an increase of almost 2.3% today, with all 10 trading assets in the green. Bitcoin (BTC) rises above 90,000, while the price of Ethereum (ETH) rises. He also rose beyond 3000.

However, Flo did not benefit from the overall market rally. BeInCrypto Markets data shows This is an alternative currency It’s down about 14% over the past 24 hours, becoming the second biggest daily loser in… Queen Gekko.

Note that the decrease is not limited to today only. As with the wider market, Flow has faced challenges in recent months.

But note that the decrease escalated on December 27 after a security incident occurred on the network. The price fell by more than 50% in one day, reaching a new historical low of $ $0.079 on Binance. I commented better South Korea Scholarshipsfather of the house andBeethumb Flows of deposits and withdrawals

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I quoted the translation of Notice from Ab Beit FLOW has been designated as a trading warning asset by member exchanges of the Digital Asset Exchange Alliance (DAXA). FLOW deposit and withdrawal services are already suspended. After the resumption of services, only withdrawals will be reactivated, while the resumption of deposits will be announced later in accordance with the procedures followed after the classification of business notice assets.

Flow Foundation goes into the recovery phase after a $3.9 million exploit

On December 27, an attacker moved approximately $3.9 million in assets off Flow’s network after exploiting a vulnerability in its implementation layer. The team was able to contain the incident, preventing further losses.

Flow Foundation confirmed that the incident did not affect users’ existing balances.

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The foundation wrote that the confirmed funds that have come out represent a manageable amount and do not threaten the solvency of the network or user funds. She emphasized that the immediate priority is patching and a safe reboot.

Initially, Flo suggested restoring the network to a pre-exploit checkpoint. After receiving significant feedback from auditors and the developer community, the organization revised its plan and submitted a new remediation plan.

The plan avoids a rollback or reorganization of the network, and aims to preserve the legitimate activities of users. The organization stated that more than 99.9% of the accounts were not affected and will return to full operation after restarting.

The post added that when the network is restarted, accounts identified as recipients of fraudulently minted tokens will be temporarily restricted as a precaution. He confirmed that Flow’s core developer team will propose a software update to node operators, which will temporarily allow the Community Governance Board to address fraudulent assets.

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The organization then announced that the auditors had approved the software update, while the network moved into the debugging and testing phase. Under the stream network recovery plan, the first phase is scheduled to begin at 6 am PT.

During this time, Cadence environments will return to normal operations, while accounts affected by the attacker’s activity will remain temporarily restricted.

The EVM environment will also be limited to read-only mode. The organization has confirmed that more than 99.9% of Cadence accounts will regain all their functionality in this phase.

These developments reflect the team’s continued efforts to return operations to normal, although uncertainty remains as to whether the recovery process will be sufficient to regain market confidence and support a price recovery.