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Ravencoin may reverse days of transactions after block flaw
Two mining pools are rebuilding the blockchain from before the first invalid block on Aug. 7, while exchanges including Bitvavo and Upbit halted deposits and withdrawals.
CoinDesk reports Ravencoin is attempting to rewrite several days of blockchain history after attackers exploited a critical software flaw that allowed invalid blocks to be added to the network. The project said on Tuesday that it could erase completed payments and leave exchanges and users dealing with missing transactions if enough miners follow the rebuilt chain.
According to CoinDesk, two mining pools, 2Miners and RavenMiner, control most of Ravencoin’s hashpower and are rebuilding the record from just before the first bad block. That first invalid block appeared at height 4,487,776 at 15:44 UTC on Aug. 7, and once the weakness was demonstrated, other actors produced additional invalid blocks that matched the exploit.
CoinDesk also notes that Ravencoin has released a fix, but patching cannot undo what is already recorded on the blockchain. As a result, a payment that appeared complete over the weekend could vanish from the version of history the network accepts if the rebuilt chain takes over.
The article says Ravencoin’s token RVN fell 17% over 24 hours to about $0.0029, cutting its market value to roughly $48 million on $10 million of trading volume. It adds that exchanges including Bitvavo and South Korea’s Upbit have halted deposits and withdrawals while the network decides which version of recent history to accept.