Ravencoin hits record low as network exploit puts transactions at risk
Mining pools controlling most of Ravencoin’s hash rate are building a competing chain that could trigger a three-day reorganization.
Ravencoin has reached its lowest price ever as a network exploit threatens to disrupt transactions. Mining pools accounting for the majority of the network's hash rate are constructing a separate chain that could result in a three-day reorganization. Ravencoin's value plummeted to $0.002754 on Wednesday, marking a 22% decline from its 24-hour peak of $0.003529.
Trading volume surged to over $18 million during the decline, before moderating to around $9.6 million. The cryptocurrency bounced back to approximately $0.00284 at the time of this reporting. On Tuesday, Ravencoin disclosed that the exploit allowed compromised nodes to validate invalid blocks, with the first confirmed instance occurring at height 4,487,776 on Friday.
Additional invalid blocks were observed following the flaw's public disclosure on the mainnet. Mining pools 2Miners and RavenMiner, which reportedly control a significant portion of the network's hash rate, are developing a competing chain that skips the affected branch from that block onward. Should their chain gain dominance, a network reorganization of around three days is possible.
Ravencoin cautioned that transactions confirmed after block 4,487,775 may be reversed and might not automatically return to the mempool or be mined again. The project advised exchanges to suspend deposits and withdrawals until the chain stabilizes. Currently, Upbit and Bitget have halted RVN transfers, although Upbit has maintained trading availability.
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