Panic erupted in the last few hours when some users reported than Ravencoin (RVN) supply was created from scratch and without anyone noticing because of a hacker attack.
1 / Some devs have discovered a piece of bad code in Ravencoin (possibly added on purpose & maliciously) which allowed someone to create coins equivalent to 44 days worth of mining & likely sell those on the open market.
So it's a massive negative to the integrity of the chain
– Bruce Fenton (@brucefenton) July 2, 2020
The Ravencoin team quickly informed the community of what was happening and is already addressing the discovered vulnerability, which apparently allows generate more coin bases per block, generally established at 5000 RVN.
Before going into details, we will briefly explain this project. This blockchain focuses on peer-to-peer creation and transfer of assets.
Ravencoin Allows you to create and exchange any real or digital asset on your network. The project is now 2 years old and one of the investors was Bruce Fenton from the Bitcoin Foundation.
The team, after discovering the attack, specific that this vulnerability does not allow anyone to steal the RVN of the users, but allows creating RVN from scratch.
And unfortunately, when mixed with others, it is practically impossible to burn them in any way. In this case, therefore, it is a case of inflation created out of nothing and unintended, considering that the maximum supply was established at 21 billion RVN.
The update the team is working on now will allow fraudulent transactions not to be included in the blocks, limiting the problem without the need for a fork.
Unfortunately, the damage is already done and all the additional tokens, approximately 1.5% of the total supply, which is equivalent to 44 days of mining, have already been sold and put into circulation, which has apparently affected the market as the price of the asset is gradually decreasing and is now trading around $ 0.018.
The team has no intention of revealing the details of the vulnerability until the issue has been resolved to prevent a second attack.
Finally, the team points out that in the next few hours the network may have some problems and, if it does not stabilize, it will be necessary to restart it from a specific block.