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The plan to address a multimillion-dollar exploit continued with "phase two p The plan to address a multimillion-dollar exploit continued with "phase two p

Flow advances recovery plan, raises exchange concerns after $3.9M exploit

2026/01/02 05:38

The plan to address a multimillion-dollar exploit continued with "phase two progress" on EVM after it scrapped a plan to roll back the blockchain.

The Flow Foundation is continuing to implement a remediation plan in response to a $3.9 million exploit of the blockchain on Saturday, flagging concerns about large token movements on a centralized exchange.

In a Thursday X post, Flow said it had made “significant progress” in its recovery plan, now entering phase two and expected to take several days. According to the platform, developers had “identified a path to restore EVM [Ethereum Virtual Machine] functionality” as it addressed its non-EVM chain, Cadence.

“The Community Governance Council continues executing cleanup transactions under validator-authorized boundaries, consistent with established precedents for digital asset recovery,” said Flow. “All remediation activity is publicly auditable on-chain through block explorers. Cadence and EVM remediation will now proceed simultaneously.”

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                                                                               Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week.                     Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more

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2025/09/18 03:30