Ravencoin, a blockchain built from Bitcoin’s code, could roll back four days of transactions
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Ravencoin, a blockchain project derived from Bitcoin's code, is attempting to roll back its blockchain by four days after attackers exploited a critical flaw that allowed invalid blocks to be inserted. Two major mining pools, 2Miners and RavenMiner, control most of the network's computing power and are rebuilding the chain from just before the first invalid block on August 7. This action could erase transactions completed since that date, affecting payments and exchanges.
Why it matters
The rollback risks undoing completed transactions, meaning payments that appeared settled could vanish, with coins returning to the sender. This has led exchanges such as Bitvavo and Upbit to halt deposits and withdrawals of Ravencoin to prevent losses. The incident highlights vulnerability due to mining power concentration and exposes users and exchanges to potential losses if they relied on now-invalidated transactions.
Key context
Ravencoin launched in 2018 based on Bitcoin’s code but designed primarily for issuing and transferring digital assets. Its smaller network size means a few mining pools have outsized influence over the blockchain history. The first invalid block appeared at height 4,487,776 on August 7. Although a software fix has been released, it cannot undo the affected blockchain history. Ravencoin experienced a previous exploit in 2020, which allowed malicious token creation beyond protocol rules.
Key numbers and entities
The two mining pools involved are 2Miners and RavenMiner. The first bad block was at height 4,487,776, with the chains being rebuilt from block 4,487,775. Ravencoin’s price dropped 17% to approximately $0.0029, with a market capitalization near $48 million on $10 million trading volume. The token declined 77% over the past year. Exchanges Bitvavo and South Korea's Upbit have suspended deposits and withdrawals.
What remains unclear
The source does not provide details on how many miners will support the rollback, leaving the final outcome uncertain. It is also unclear how long the chain rebuilding process will take or precisely how many transactions will be erased. The source does not flag other open questions.