The Flow Foundation has taken decisive action to address a critical flaw in its Mainnet28 protocol, which led to a significant loss of $39 million. According to the conclusions drawn in the analytical report, as of December 28, the network has entered an idle readonly state, halting all transactions to protect user assets.
Flow Network Validators Reach Unanimous Agreement
Following the exploit, validators on the Flow network reached a unanimous agreement to implement a protocol fix, highlighting the priority of network security.
Impact on Decentralized Finance and Cross-chain Transfers
This temporary readonly status is impacting decentralized finance activities and cross-chain transfers.
Team's Efforts for Operational Recovery
The team works diligently to prepare for a return to full operational capacity.
Stay Informed
Users are advised to stay informed as the situation develops and further updates are provided.
On December 27, Bithumb announced a temporary suspension of deposits and withdrawals for the FLOW token, coinciding with the Flow Foundation's recent protocol issues. For more details, see the full announcement here.
