PROD Excerpt_002_Turkmenistan Legalizes Virtual Asset Mining and Trading
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Summary
- The Flow (FLOW) Foundation said its plan to restore losses from a hack worth $3.9 million has made significant progress and entered Phase 2.
- The foundation said it has scrapped the blockchain rollback plan and is proceeding in parallel with restoring Cadence and Ethereum Virtual Machine (EVM) functionality.
- The foundation said a single account deposited 150 million FLOW—equivalent to 10% of total supply—then converted it to Bitcoin (BTC) and withdrew more than $5 million, criticizing a specific exchange for failures in AML and KYC.
The Flow (FLOW) Foundation said it is accelerating restoration work to address hacking losses worth $3.9 million, while raising allegations that a specific centralized exchange (CEX) aided money laundering.
On the 1st (local time), the Flow Foundation said via its official X account that its “recovery plan has made significant progress and entered Phase 2.” The statement follows its decision to scrap, in full, the previously considered blockchain rollback option. Earlier, the foundation had proposed a rollback—reverting the network to a pre-incident state—to recover from the hack, but faced fierce criticism from the community that it “undermines decentralization and creates security risks.”
The foundation said “developers have secured a path to restore Ethereum Virtual Machine (EVM) functionality,” adding that it will “carry out restoration work for its native language, Cadence, and the EVM in parallel.” According to the foundation, the entire recovery process is being disclosed transparently via a block explorer, and the community governance committee is executing settlement transactions with validator approval.
The foundation also strongly criticized the response of an unnamed exchange in connection with the incident. In a post-incident report, it said that “immediately after the hack, a single account deposited 150 million FLOW—equivalent to 10% of total supply—into the exchange,” and that “the account converted a substantial amount into Bitcoin (BTC) within just a few hours and withdrew more than $5 million.”
It added that “this transaction pattern is a clear failure of anti-money laundering (AML) and know-your-customer (KYC),” and that “the exchange shifted financial risk onto users who purchased fraudulent tokens.” The foundation reportedly requested an explanation from the exchange regarding the transaction pattern but did not receive a response.
