Network vulnerability sends Ravencoin to historic lows amid transaction security concerns
A competing blockchain is being constructed by mining pools that account for the majority of Ravencoin's hash rate, potentially triggering a reorganization that could span three days.
A new all-time low was reached by Ravencoin on Wednesday following the exploitation of a consensus vulnerability that jeopardized multiple days worth of transactions and caused cryptocurrency exchanges to halt RVN transfer services.
Data from CoinGecko shows the digital asset fell to $0.002754, representing approximately 22% lower than the 24-hour peak of $0.003529. During the price decline, trading volume surged past $18 million before moderating to approximately $9.6 million, with RVN prices rebounding to roughly $0.00284, according to the latest data.
The Ravencoin team disclosed on Tuesday that the vulnerability enabled compromised nodes to validate invalid blocks, with the initial documented occurrence emerging at block height 4,487,776 on Friday. Additional invalid blocks surfaced following a demonstration of the security flaw on the mainnet, according to the announcement.
Two major mining operations, 2Miners and RavenMiner, which the Ravencoin team stated possess a majority share of the network's hash rate, are currently constructing an alternative chain that eliminates the compromised branch starting from that specific block.
Should the miners' alternative chain achieve dominance, the blockchain network may experience a reorganization covering roughly three days. The Ravencoin project issued a warning that any transactions validated following block 4,487,775 face potential reversal and might not be automatically restored to the mempool or processed for mining again.
Exchange platforms were advised by the project team to suspend deposit and withdrawal operations until blockchain stability is restored. Both Upbit and Bitget halted RVN transfer services, though Upbit continued to allow trading activities.