$FLOW The end of the year in the crypto world has truly been a series of hot events. First, project team’s behind-the-scenes operations were exposed, followed by FLOW creating another big stir, which can be called a classic scapegoating drama.

Here's what happened: FLOW was exploited by hackers who used a technical vulnerability to secretly mint a large number of tokens, with 800 million already flowing into major exchanges and being repeatedly traded by retail investors. The only way to restore the total token supply to normal levels is for the project team to fund a buyback and burn of these extra tokens. However, this is the core issue—who should pay for this?

Both sides began to shift responsibility: the FLOW team accused the platform of issues, claiming their risk control was inadequate, leading to hacker tokens entering the circulation market, and stated, “We indeed do not have the funds to buy back”; while the exchanges also did not hold back, directly countering, “This is the result of your technical vulnerabilities, you messed up and should clean up your own mess,” even issuing a final warning—if the buyback and burn are not resolved by the 14th, FLOW will face delisting.

What’s most surprising is that, in response to these urgings, the FLOW team chose silence, completely ignoring the situation as if they had gone offline. This has triggered a new problem: neither side actively seeks a solution, and ultimately, isn’t it the retail investors who have to bear the mess? Token devaluation, liquidity risks, trapped chips... this is the true picture of the crypto market. From technical vulnerabilities to governance breaches, the entire chain has issues.