Friday, 07 August 2020

Ravencoin Announces Emergency Update as Hackers Mint Over 5000 RVN Per block

Ravencoin has announced the deployment of an emergency update following a loophole in the blockchain network, capable of allowing unknown persons to mint over 5000 RVN coins per block, the team behind the digital currency has said.

As described on Wednesday, June 3, persons from the CryptoScope team, a member of the Ravencoin community, alongside Solus Explorer developers unearthed the vulnerability in Ravencoin blockchain, notifying the team that some nonentities minted more than the “coinbase of 5000 RVN per block.”

The observation made the Ravencoin development and CryptoScope teams begin to debug the Ravencoin code for proper review and the loop was detected.

Ravencoin noted that the bug was traced to a community code submission, also, necessary law enforcement agencies have been informed about the happening.

However, the bug should not create panic as it does not let hackers steal or have control over the Ravencoin network or people’s asset on the network. But beyond the coinbase of Ravencoin, more mintings have been done, making way for the creation of RVN token that should not exist.

Ravencoin cleared that all users’ asset balances are intact as the bug has no influence on Ravencoin assets, however, the vulnerability has caused an inflation effect on Ravencoin and the impact has also been distributed across all RVN holders based on holding proposition.

According to the release, the RVN tokens minted due to the vulnerability have been and traded on exchanges, hence they have mixed with other RVN in supply. Ravencoin said an attempt to burn the minted coin with the support of miner and community would result in irreversible damage to innocent victims.

The Ravencoin team urged users to be patient as the team has begun fixing the problem and changing its code to a fixed one, therefore, chain instability may occur. Users are however advised to keep their transaction size to the bearable minimum to avoid any damage till the chain is stabilized and the updated software is in use by miners.

While exchanges are also advised to preferably pause all deposits, withdrawals, and trading of RVN coin on their platform, mining pools should also be upgraded to the latest binaries. Exchanges and miners should also update to the latest Ravencoin version.

Ravencoin said the update process may seem quite slow due to the open-source and decentralized nature of Ravencoin network.

While Ravencoin maximum supply is fixed at 21 billion RVN tokens, the minted coins are calculated to be either 1.5% of the supply or a total of about 44 extra days’ worth of mining, however, the final figure is yet to be confirmed.

The team behind the cryptocurrency revealed that the minted RVNs have been probably sold in the market. Lesser than great damage, the economic harm of the minting has been absorbed by the Ravencoin ecosystem.

Ravencoin said it will only publish full and clearer details about the bug once the fixed code is fully distributed and optimum stability can be confirmed on the Ravencoin network.

The blockchain network said its team is apologetic for the unprecedented accident despite the series of tests new codes are put through to extract any flaws. this year, Beonwould need to be introduced very carefully to avoid destabilising the monetary system.


Legal Disclaimer

Creamcoin Marketcap