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Flow: AML/KYC Process Vulnerability on a certain exchange, after a recent exploit, resulted in a transfer of 150 million FLOW to sell and cash out over $5 million from the account.
BlockBeats News, January 1st, the Flow Foundation issued a statement regarding the post-December 27th exploit incident coordination with exchanges. Since the incident, the Flow Foundation and its forensic partners have collaborated with global exchanges to protect users and resume operations, with Kraken, Coinbase, and Upbit as partners, with Kraken having resumed services.
The Flow Foundation has expressed concerns about how a certain exchange handled the incident. Within hours of the exploit, a single account deposited 150 million FLOW tokens, approximately 10% of the token's total supply, exchanged a significant portion for BTC, and withdrew over $5 million in funds in the brief hours before the network was paused. This transaction pattern indicates deficiencies in the exchange's anti-money laundering/know your customer (AML/KYC) processes, shifting financial risks to users who unwittingly purchased fraudulent tokens.
Forensic analysts have discovered significant deviations from normal market behavior on the exchange's FLOW trading pairs both before and after the network pause. Multiple requests for explanations regarding these trading patterns through official channels have gone unanswered.
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