The Flow Foundation stated that following the security incident on December 27, it collaborated with forensic agencies and several global exchanges to protect users and restore network operations. The Foundation stated that shortly after the incident, an exchange experienced unusual activity where a single account deposited approximately 150 million FLOW tokens (about 10% of the total supply), partially exchanged them for BTC, and then withdrew over $5 million in the hours before the network shutdown. The Foundation believes this process exposed deficiencies in AML/KYC controls, with related risks being transferred to unsuspecting market participants. Forensic analysis also revealed abnormal trading patterns in the exchange's FLOW market before and after the incident, inconsistent with normal trading. However, the Foundation's requests for clarification through existing channels have not received a response.
The Flow Foundation has accused a certain exchange of exhibiting abnormal trading and AML/KYC risks during the FLOW security incident.
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