The Ravencoin team has reported a serious consensus vulnerability that has led some nodes to accept invalid blocks. The first instance of this issue was identified on August 7 at 15:44:01 UTC, occurring at block height 4,487,776.

https://twitter.com/Ravencoin/status/2086862580014850412

Mining pools 2Miners and RavenMiner announced that they are mining an alternative chain starting from block 4,487,775, effectively excluding the branch where the vulnerability was exploited. If this alternative version gains dominance, the network may face a significant reorganization lasting around three days.

The Ravencoin developers requested that the mining pools select a later recovery point to mitigate the potential damage to users, services, and exchanges, but their request was declined. According to MiningPoolStats, 2Miners and RavenMiner currently control about 85% of the identified hash rate, which represents over half of the total computational power of the network.

Source: MiningPoolStats.

The blockchain project has advised exchanges to temporarily halt deposits and withdrawals of the RVN token until the network stabilizes. Transactions confirmed after block 4,487,775 are considered risky, as some may revert to the mempool and potentially be included in the chain again, though without guarantees. Exchanges were also cautioned not to expect canceled deposits and withdrawals to reappear automatically.

As reported by CoinDesk, Bitvavo has already suspended RVN deposits and withdrawals. The largest South Korean exchange, Upbit, has stopped accepting deposits and issued warnings for trading pairs involving the won, bitcoin, and USDT.

In the past 24 hours, the price of RVN has dropped by 19.5% to approximately $0.0029, with its market capitalization falling to $47.2 million. Since the beginning of the year, the token has lost about 58%, and it has dropped 99% from its all-time high.

Source: CoinGecko.

The Ravencoin team emphasized that sharing the details is intended for transparency and risk assessment, rather than supporting any specific rollback, chain selection, or recovery plan.

It's worth noting that the network previously encountered a bug in 2020 that allowed malicious actors to issue around 21 million RVN beyond legitimate block rewards.

Additionally, in April, the Litecoin network experienced a significant reorganization after hackers exploited a zero-day vulnerability.