Network vulnerability sends Ravencoin to unprecedented low amid transaction security concerns
The digital asset plummeted 22% from its peak within 24 hours after a consensus vulnerability generated invalid blocks, forcing Upbit and Bitget to halt transfers.
Ravencoin plunged to a new all-time low on Wednesday following the exploitation of a consensus vulnerability that placed multiple days worth of transactions in jeopardy and forced cryptocurrency exchanges to halt RVN transfers.
Data from CoinGecko shows the digital currency fell to $0.002754, representing approximately 22% beneath its 24-hour peak of $0.003529. The sell-off saw trading volume surge beyond $18 million before moderating to roughly $9.6 million, with RVN rebounding to approximately $0.00284, as of this reporting.
The Ravencoin team disclosed on Tuesday that the vulnerability exploitation resulted in susceptible nodes accepting invalid blocks, with the earliest confirmed instance occurring at height 4,487,776 on Friday. Additional invalid blocks emerged following the demonstration of the flaw on the mainnet, the team noted.
Major mining pools 2Miners and RavenMiner, which according to Ravencoin command a majority of the network's total hash rate, are constructing an alternative chain that omits the compromised branch starting from that block forward.
Should the miners' alternative chain achieve dominance, the network may experience a reorganization extending approximately three days. Ravencoin cautioned that transactions validated following block 4,487,775 face potential reversal and might not automatically reappear in the mempool or undergo mining once more.
The development team advised that cryptocurrency exchanges suspend deposits and withdrawals until the blockchain stabilizes. Both Upbit and Bitget halted RVN transfers, though Upbit continued to permit trading activity.