Flow Foundation pursues 2-stage recovery plan after hack

The Flow (FLOW) Foundation is moving forward with a two-stage recovery plan following a hack that resulted in a $3.9 million loss, Cointelegraph reported. The foundation has reportedly abandoned its initial plan for a network rollback due to community opposition and will instead burn the tokens that were created without authorization. Currently, the Flow network has normalized its non-EVM chain, Cadence, and plans to restore its EVM chain within a few days. The report added that the hacker is believed to have stolen 150 million FLOW, approximately 10% of the total supply, and deposited the funds on an exchange suspected to be Binance. The assets were then swapped for BTC and withdrawn. This could potentially lead to scrutiny of the exchange's anti-money laundering and know-your-customer compliance procedures.