Ravencoin Blockchain Exploited to Mint More RVN, Total Supply Bumps Up 1.5%
A vulnerability was found in Ravencoin blockchain that was used to mint more than 5000 RVN per block, said Tron Black, lead developer of Ravencoin, a cryptocurrency and asset issuance platform, in an official post.
Since the vulnerability was brought to the Ravencoin’s attention by CryptoScope, the team has been working on a fix.
Less than 24 hours back, the emergency update was made, and blockchain users were recommended to stop the movement of RVN and any other activities.
The bug exploited did not allow the stealing of RVN that a user owns and controls as such “all asset balances are safe,” assured the announcement.
But minting created additional RVN. The extra RVN is about 1.5% of the final 21 billion, 44 extra days’ worth of mining, but the exact number isn’t known yet.
These new RVN were sold into the market shortly after the minting and now mixed with other RVN.
The team has decided not to burn them because it “causes irreparable harm to innocent victims.” And now, the burden will be shared by all the RVN holders in the form of inflation.
Another option is to shift the halving 44 days sooner, which would offset the minted RVN and put the total issuance back to 21 billion.
Responsibility for code goes to not just developers but every single miner and user.
The benefit of a true open source project is that it belongs to us all. But with that comes responsibility. We must all know the code that is run and must have procedures to prevent errors.
— Project Raven 🦅/ RVN / Ravencoin (@Ravencoin) July 3, 2020
Exchanges are notified to determine whether they want to pause their deposits, withdrawals, or trading, and mining pools are asked to immediately upgrade to the latest binaries available. Everyone else is also advised to be on the newest Ravencoin version.
“It’s a massive negative to the integrity of the chain,” said Bitcoin advocate Bruce Fenton, CEO of Chainstone Labs and a board member at The Bitcoin Foundation.
The attack brings in questions about the security of the Ravencoin blockchain and is “darkest day for sure,” but “the community & devs & have confidence they will build it better than ever before,” said Fenton.
Bitcoin had a similar error in 2018, but it was caught and fixed before it could be exploited, he said.
Meanwhile, the price of the 65th largest cryptocurrency RVN is at $0.0184 with 0.28% gains. The digital asset has been on a decline since mid-June and is recording losses of over 19% YTD.