Hacker Gets $ 5.7 Million By Attacking Ravencoin

Hacker Gets $ 5.7 Million By Attacking Ravencoin

By NassiroV | CryptoPress360 | 9 Jul 2020


Hackers Exploit Ravencoin (RVN) Bug to Mint $5.7M Worth of Tokens ...

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We are used to hacks of exchange platforms or decentralized applications. But lately, Ravencoin has suffered an attack that allowed an attacker to get 5.7 million in RVN ... out of nowhere!

5% of the supply in circulation

The flaw was revealed through a press release by the Ravencoin team on Friday, July 3. This one goes over the few information available to date concerning the hack.

An attacker managed to get 315 million RVNs out of nowhere, totaling a value of around $ 5.7 million. This represents approximately 5% of the total supply of RVN tokens in circulation. Ultimately, this sum will represent 1.5% of all the 21 billion RVN that will be mined.

Concretely, the flaw would have been discovered by the CryptoScope team. The latter hastened to contact Ravencoin to inform it of the vulnerability present on the blockchain.

Subsequently, the two teams worked together to keep the information secret, until they were able to correct the flaw. This has since been rectified, and miners and node holders have been asked to update their software.

A still unclear course

Little information has been relayed regarding the causes of this attack. However, the press release stipulates “a proposal for a community code” which would have caused a bug having been exploited.

Due to the nature of the flaw, no user background was affected by the attack, as the press release explains:

"The vulnerability does not allow you to steal RVNs or the goods you own and control, but the creation of new RVNs that should not exist."

Although user funds were not directly impacted, the total supply of tokens increased, resulting in inflation. This could ultimately have a downward impact on the price.

Unfortunately, no measure is possible to recover the funds. Indeed, these have already been transferred to an exchange platform and exchanged:

"They are mixed with other RVNs and therefore any programmatic attempt to burn them, with the support of miners and the community, would cause irreparable harm to innocent victims."

RVN holders will have to prepare for a likely fall in price, until they reach a more consistent price. This will depend on the new total supply in circulation.


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NassiroV
NassiroV

Hi, and welcome to my blogs :)! ​I’m Nassir, a thirty-something guy who loves to travel and write, especially about Crypto and Blockchain. I have been blogging and trading cryptocurrencies for a while. I hope that you find my articles beneficial to you.


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