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PROD Excerpt_003_Charles Schwab CEO: "The 2026 macro environment will be favorable for Bitcoin (BTC)"_3rd revision > revised to completed analysis article
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Summary
- The Flow (FLOW) Foundation said it has scrapped a blockchain rollback and entered Phase 2 of its recovery plan in response to hacking losses totaling $3.9 million.
- The foundation said it is restoring Ethereum Virtual Machine (EVM) functionality while also recovering its native language, Cadence, and that it is disclosing the entire process transparently via a block explorer.
- Citing signs that a single account deposited 150 million FLOW—10% of total supply—into an exchange and converted it into Bitcoin (BTC) and other assets, the foundation said it is raising allegations of AML·KYC failures at the CEX and that the exchange shifted financial risk onto users.
As the Flow (FLOW) Foundation accelerates recovery efforts to address hacking losses totaling $3.9 million, it also raised allegations that a particular centralized exchange (CEX) aided money laundering.
On the 1st (local time), the Flow Foundation said via its official X account that “the recovery plan has made substantial progress and has entered Phase 2.” This followed its decision to completely scrap the blockchain rollback (reversion) option it had initially reviewed. Previously, the foundation had proposed a rollback to revert the network to a pre-incident point to recover from the hack, but it faced strong criticism from the community that it “undermines the value of decentralization and creates security risks.”
The foundation explained that “developers have secured a path to restore Ethereum Virtual Machine (EVM) functionality,” adding that it would “pursue recovery of its native language, Cadence, and the EVM in parallel.” According to the foundation, the entire recovery process will be disclosed transparently via a block explorer, and the community governance committee is executing consolidation transactions with validator approval.
The foundation also strongly criticized the response posture of an unnamed exchange in connection with the incident. In a post-incident report, it noted that “immediately after the hack, a single account deposited 150 million FLOW—equivalent to 10% of total supply—into the exchange,” and “within just a few hours, the account converted a significant amount into Bitcoin (BTC) 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) controls,” and that “the exchange shifted financial risk onto users who bought fraudulent tokens.” The foundation reportedly requested an explanation from the exchange regarding the transaction pattern but did not receive a response.
