Major mining pools are constructing a new chain from before the initial invalid block, endangering recent transactions.
By Shaurya Malwa|Edited by Oliver Knight40 min ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Ravencoin may reverse several days of transactions due to a critical block issue. (Shutterstock)SummaryShow- Ravencoin is looking to revise several days of its blockchain history following a major software vulnerability that allowed invalid blocks to be incorporated into the network.
- Two dominant mining pools, 2Miners and RavenMiner, are reconstructing the chain from just before the first invalid block surfaced on August 7, potentially eliminating completed transactions and leaving users and exchanges with unaccounted transactions.
- The price of RVN has significantly declined amid the uncertainty, and exchanges like Bitvavo and South Korea's Upbit have paused deposits and withdrawals as the network decides on which historical version to recognize.
Ravencoin is considering rolling back multiple days' worth of transactions after a critical software flaw was exploited by attackers, as stated by the project on Tuesday.
A blockchain serves as a continuous record of transactions bundled into blocks and added by miners, who utilize networks of computers competing to create the next block. Typically, miners collaborate in pools to merge their resources and share the rewards. The version of the record with the most computational power is deemed the valid one by the network.
This vulnerability allowed invalid blocks to enter the record on Friday. Currently, two mining pools, which collectively dominate Ravencoin's processing power, are working to restore the record from just before the first invalid block appeared, according to data. If enough miners join this effort, all transactions recorded after this point could be wiped out.
For users, this means that a transaction that seemed finalized over the weekend could disappear from Ravencoin's accepted history.
RVN's price dropped 17% within 24 hours, bringing it down to approximately $0.0029, with its market cap now around $48 million from a trading volume of $10 million. The token has seen a 77% decrease in value over the past year.
The first invalid block was identified at height 4,487,776 on August 7 at 15:44 UTC. Following the discovery of this flaw, others began to exploit it, generating their own invalid blocks. Although Ravencoin has implemented a fix, this does not reverse the effects of what has already been recorded.
Both 2Miners and RavenMiner are creating their version of the blockchain from block 4,487,775, the last valid block before the exploit occurred. The project requested they start from a more recent point to minimize risk, but they declined.
Some transactions that fall within this gap might be included again in the new chain. Ravencoin has cautioned exchanges and services not to presume that deposits or withdrawals affected in this manner will automatically be restored, advising them to halt both until a consensus is reached on a single version of the network.
In response, exchanges have begun to act. Bitvavo has suspended RVN deposits and withdrawals as a precaution, citing the vulnerability. Upbit in South Korea has issued an investment warning regarding RVN across its won, bitcoin, and tether markets, also halting deposits.
While the project has not officially supported the mining pools' strategy, it has shared the information for transparency rather than endorsing any specific chain version.
This situation grants considerable control to the miners, as two operators are determining which version of the past few days the network will recognize, while the project maintaining the software cannot override this decision.
Ravencoin has faced similar issues in the past. In 2020, attackers exploited a flaw that allowed the creation of RVN tokens beyond the permissible limit, minting approximately 31 million extra tokens before the issue was resolved.
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