TechFlow news, December 28 — According to The Block, the Flow Foundation announced on Saturday that it is investigating a potential security incident affecting its Layer 1 blockchain, triggering a sharp sell-off of the FLOW token.
On-chain analyst Wazz first identified the vulnerability following the price crash, estimating the stolen funds at approximately $4 million. Wazz's analysis showed that the attacker used a wallet created around six months ago to mint millions of wrapped FLOW (WFLOW) tokens via the TransparentUpgradeableProxy contract—a pattern consistent with a private key compromise rather than a smart contract flaw.
Security expert Taylor Monahan stated: “There may be a vulnerability in the Flow blockchain allowing attackers to mint native FLOW tokens as well as bridged tokens such as WBTC, WETH, and stablecoins.” She added: “The loss appears to be around $3.9 million.”
