Ravencoin Detected Vulnerability Caused Unauthorized Minting of RVN

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • Ravencoin blockchain, a digital P2P network found with vulnerability in its platform today.
  • If any attempt has been made at burning them along with miner and community backing, it would affect the innocent victims.
  • Besides this, Black praises the technology of the CryptoScope team for detecting the exploit.

Ravencoin blockchain, a digital P2P network found with vulnerability in its platform today. The lead developer Tron Black of Ravencoin revealed this issue in his blog today. He noted that the community members from the CryptoScope team reached the Ravencoin team with the findings that the network is utilized by anonymous to mint RVN. That goes beyond the Coinbase of 5000 RVN per block.

Minting Affected the RVN

However, the vulnerability doesn’t allow RVN stealing or to the assets owned by the user. But, the minting does impact RVN which should not be done.

Since those RVN were moved to exchange and traded, they got mixed with other RVN. If any attempt has been made at burning them along with miner and community backing, it would affect the innocent victims.

Moreover, the developer notified that the vulnerability does not affect Ravencoin assets, thus, all balances are secure. Further, the team is working on transitioning from vulnerable code to fixed code. Requested users to keep transactions to a minimum till the chain becomes stable and miners are utilizing updated software. As currently, the chain might have some instability.

Besides this, Black praises the technology of the CryptoScope team for detecting the exploit. Both the Ravencoin development and CryptoScope team coordinated to reduce the outflow of the possibility to exploit the vulnerability. Also, the Ravencoin team immediately started a code review to detect and fix the issue.

Furthermore, the Ravencoin team is addressing the exchanges about this issue. So, they can determine whether the platform has to stop the transactions or trading at their platform. It was found that the vulnerability issue caused unauthorized minting of RVN about 1.5% of its maximum supply.

However, the details of the vulnerability in Ravencoin (RVN) remain unsure as the investigation is going on.

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