A single chain needs to roll back four days of transactions—exchanges all panicked and stopped operations
Ravencoin is a small chain forked from the Bitcoin code, born in 2018, mainly used to issue assets.
This time, something serious happened: attackers exploited a critical software vulnerability and pushed invalid blocks onto the chain.
The two major mining pools, 2Miners and RavenMiner, control most of the hashrate and decided to rebuild the entire chain from before the bad blocks appeared.
The bad blocks appeared on August 7 at 15:44, at height 4,487,776.
Starting from 4,487,775, the chain was rewritten—meaning the transaction history from the following four days was completely wiped.
The confirmed payments you saw over the weekend may simply disappear, with a refund sent back to the sender and the receiver left with nothing.
The project team urged the mining pools to restart from a closer block to delete less history, but the pools refused.
Exchanges had already been spooked into reflex: Bitvavo paused deposits and withdrawals, and Upbit issued an investment warning.
In the past 24 hours, RVN is down 17%, dropping to $0.0029, with its market cap now only 48 million.
This isn’t the first time it’s failed: in 2020, it was also exploited via a bug, and 31 million coins were created out of thin air.
My take: this is the fate of small chains with concentrated hashrate. Decentralization is a belief—hashrate is the reality. When big mining pools team up, chain history can be changed on a whim. The so-called immutability in front of small hashrate is just a joke.
A reminder for everyone holding small-chain assets: the smaller the chain, the more you need to weigh it—your coins might not truly be yours.
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