Binance, a major cryptocurrency exchange, has revealed an update to its trading and monitoring policies following last week’s $3.9 million breach of the Flow blockchain.
In a statement released on Friday, Binance announced the removal of nine spot trading pairs starting Saturday, which includes the Flow (FLOW)/Bitcoin (BTC) pair. Additionally, the company added FLOW and three other cryptocurrencies to its monitoring tag list.
The monitoring tag is applied to tokens that display “significantly higher volatility and risks compared to other listed tokens,” according to the exchange, which emphasized that these tagged tokens face an increased risk of failing to meet listing criteria.
While Binance mentioned the changes resulted from “recent reviews” of tokens, it did not specifically reference the Flow exploit on Saturday, which led to a theft of $3.9 million in cryptocurrency. Cointelegraph attempted to contact the exchange regarding the exploit but did not receive a response by the time of publication.
In a preliminary post-mortem analysis of the incident, Flow expressed concern about the way one exchange managed the situation, citing an “AML/KYC failure” that enabled hackers to deposit the stolen FLOW tokens, convert some to Bitcoin, and withdraw the funds. Some users speculated that the unnamed exchange could have been Binance, based on Flow’s comments.
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Flow moves forward with recovery strategy after abandoning blockchain rollback
As of Friday, the Flow Foundation stated that it is actively working on fully restoring the blockchain ecosystem in response to the $3.9 million exploit. The platform reported that the final steps involve user account restoration and resolution of fraudulent tokens.
“What was initially intended to be a sequential, multi-day process has progressed in parallel, with the restoration of both Cadence and EVM [Ethereum Virtual Machine] functionality while meticulously removing fraudulent assets and preserving legitimate transaction history,” stated Flow.
This update followed Flow’s decision to retract a proposal earlier this week that suggested rolling back the blockchain, a move it paused in light of user backlash. The platform anticipates releasing a detailed post-mortem report on the hack “within 48 hours,” with “complete ecosystem restoration expected this week.”
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