Flow Abandons Rollback Plan After Community Backlash on Decentralization and Security

Flow Abandons Rollback Initiative

The Flow fund has decided to abandon a proposed rollback of the Flow blockchain following strong criticism from the community. This decision comes in light of a recent exploit totaling $3.9 million, with users responding positively to the change in remediation plans.

“There will be no rollback,” stated Alex Smirnov, founder of deBridge, in a post on X, adding that the blockchain will not be reorganized in an updated recovery plan. Flow has launched a technical scheme announcing temporary restrictions for accounts affected by the aforementioned exploit, with Ethereum Virtual Machine (EVM) operations currently in read-only mode.

Flow emphasized, “All legitimate transactions that took place before the halt remain valid and do not require replenishment or reconciliation.” This decision comes after criticism directed at the initial rollback plan, which was deemed a “hasty decision” that could lead to significant financial losses.

Recent events have impacted the price of the Flow token, which has dropped over 20% in the last 24 hours, reaching a low of $0.11. Flow anticipates that the implementation of the remediation plan will take several days. Following the first phase, the blockchain might relaunch its non-EVM chain, Cadence, and resume operations between the bridge and exchange.

“The response [from Flow] required honest collaboration among parties under high pressure,” said the team at Find Labs. It is currently unclear whether Flow's plan will lead to a full recovery of the affected assets, but the network promises another update within 24 hours.