Cryptocurrency exchange Binance has announced a change in its policies related to trading and monitoring following a $3.9 million exploit of the Flow blockchain last week.
In a Friday announcement, Binance said it would remove nine spot trading pairs from the exchange beginning on Saturday, including one for Flow (FLOW)/Bitcoin (BTC). In a separate notice, the company included FLOW and three other tokens on its monitoring tag list.
The tag is featured in tokens exhibiting “notably higher volatility and risks compared to other listed tokens,” the exchange said, noting that tokens with the monitoring tag are at a high risk of no longer meeting listing standards.
Binance added four new tokens to its monitoring tag list on Friday. Source: BinanceBinance said the changes followed “recent reviews” of the tokens, but did not explicitly mention the Flow exploit on Saturday, which resulted in $3.9 million in crypto being stolen. Cointelegraph reached out to the exchange for comment on the exploit, but had not received a response at the time of publication.
In a preliminary post-mortem report on the exploit, Flow said it was “concerned by one exchange’s handling of this incident,” referring to an “AML/KYC failure” that allowed the hackers to deposit the stolen FLOW tokens, convert some to Bitcoin, and withdraw the funds. Some users speculated that, based on Flow’s description, the unnamed exchange could have been Binance.
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Flow continues with recovery plan after scrapping blockchain rollback
As of Friday, the Flow Foundation said that it was working on fully restoring the blockchain ecosystem as part of a plan to address the $3.9 million exploit. According to the platform, the only steps remaining in the plan were to address user account restoration and fraudulent token remediation.
“What was initially projected as a sequential, multi-day process has been executed in parallel, restoring both Cadence and EVM [Ethereum Virtual Machine] functionality while maintaining surgical precision in removing fraudulent assets and preserving legitimate transaction history,” said Flow.
The update followed Flow scrapping a proposal from earlier this week that included a rollback of the blockchain, which it halted amid criticism from many users. According to the platform, it expected to release a comprehensive post-mortem report on the hack “within 48 hours” with “complete ecosystem restoration expected this week.”
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Source: https://cointelegraph.com/news/binance-spot-trading-pair-flow-monitoring-exploit?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
