Flow outlines Phase 2 progress, targets full EVM functionality within 24 hours

Following the recent $3.9 million DeFi exploit on its blockchain, the Flow Foundation has reported considerable headway in its recovery efforts, with a projection to restore full EVM functionality in less than 24 hours. Subsequently, over 99.9% of user accounts are expected to regain complete access. The network's remediation plan includes thorough verification processes to ensure a secure restoration. A critical vulnerability discovered on December 27, led to the unauthorized creation of 150 million FLOW tokens and the subsequent crash of its market price by nearly 50%. Flow's developers are advancing the recovery plan ahead of its original schedule, with a focus on resuming normal operations while imposing restrictions on potentially compromised accounts to prevent further irregularities. The Flow Foundation is working in collaboration with external forensic teams and follows a multi-phase strategy to achieve a precise and secure network reinstatement.