Ravencoin Tumbles to Record Low After Network Exploit as Miners Battle for Control

Ravencoin is scrambling to restore network integrity after an attacker exploited a critical consensus vulnerability that allowed invalid blocks onto the blockchain. The RVN coin plunged to a fresh all-time low with miners jostling to roll out an alternative chain.

Invalid blocks split the Ravencoin network

The vulnerability affected Ravencoin’s block-validation process, allowing nodes running vulnerable software to accept blocks that did not satisfy the network’s normal requirements. Ravencoin disclosed the issue after the exploit had been active for several days, with RVN tanking by over 20% in a single day.

The token dropped from an intraday high of $0.00353 to $0.0027 within hours, with RVN trading 99% below its previous all-time high. Trading activity also surged as holders responded to uncertainty surrounding the blockchain, with reported volume topping $18 million during the sell-off.

According to an official statement, the last block before the affected chain was 4,487,775. 2Miners and RavenMiner, controlling a majority of the network hash rate, are mining a chain that excludes the exploited branch from the affected block. 

The situation creates a potential deep chain reorganization. In the event that the replacement chain becomes the dominant chain, transactions confirmed after block 4,487,775 could be reversed, with the project estimating that the rollback could cover three days of activity.

A blockchain reorganization occurs when nodes abandon one version of the chain in favor of another. However, it does not mean RVN held in individual wallets has been stolen, but it creates risk that transactions made during the affected period may not be recognized on the final chain.

“Transactions confirmed after block 4,487,775 should be treated as at risk. Some affected transactions may return to the mempool and be mined again, but this is not guaranteed.”

Exchanges halt RVN transfers

Amid the incidents, Ravencoin urged pools to consider a more recent recovery point to reduce impact on users and exchanges. However, the request was declined, forcing Ravencoin to issue a recommendation to halt RVN deposits and withdrawals until the issue is resolved.

“My recommendation to exchanges is clear: temporarily suspend RVN deposits and withdrawals until the network situation is resolved and the chain state is stable,” read a statement.

Several cryptocurrency exchanges have responded by restricting Ravencoin transfers while miners and developers race to establish which chain should be valid. Upbit and Bitget suspended RVN deposits and withdrawals, while other exchanges have placed restrictions on transfers.

Meanwhile, an exploit of the Harmony blockchain on Wednesday morning has resulted in the unauthorized minting of 4 billion ONE tokens, triggering a major sell-off event. Despite the exploits, the broader cryptocurrency market is holding steady, with Bitcoin (BTC) trading at $64K and Ethereum inching toward the $2,000 mark.