A new vulnerability detected in Ravencoin [RVN] resulted within the unsanctioned mining of around 1.5% of its max supply of 21 Bln RVN.
The issue was disclosed by Recencoin earlier on Friday after initial reports were confirmed, but details remain fuzzy as the investigation remains underway. Around 315 Mln RVN were minted, worth over $5.7 Mln at the present prices.
Ravencoin said it notified the authorities in hopes of catching the anonymous perpetrators of the exploit, via given the character of the bug, no money was directly stolen. Instead, the losses were spread all over the RVN holders as extra inflation, that amounts to about 5% of the presently circulating supply.
The team confirmed that the additional RVN was already exchanged, making any remediation effort difficult. Miners and nodes must now upgrade to a very new fixed version to stop further additional exploits.
In line to unconfirmed rumors on the community’s Discord, the bug existed since October as well as involves a wallet bug.
However, several concerns were raised by the community that the reason behind this vulnerability might be ProgPow, the controversial Ethereum-born mining algorithm that was recently adopted by Ravencoin. However, a team member said that the problem was from “an innocuous [Github pull request] from elsewhere .”
Following the post-mortem & successful mitigation of the bug, the community needs to now decide the way to effectively deal with this vulnerability. The team suggested to anticipate a planned halving within 44 days to catch up on the additional supply of tokens, though the community can also plan to leave everything as it is.