Monday, January 18, 2021
Bitcoin Market News
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • Investors
  • Technical
  • Crash
  • Spam
  • Stock
  • Blockchain
  • Videos
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • Investors
  • Technical
  • Crash
  • Spam
  • Stock
  • Blockchain
  • Videos
Bitcoin Market News
No Result
View All Result

Hackers Exploit Vulnerability in Ravencoin Protocol to Mint 315 Million Fake RVN

7 months ago
in Private
3 min read
Hackers Exploit Vulnerability in Ravencoin Protocol to Mint 315 Million Fake RVN
Share on FacebookShare on Twitter


Ravencoin is the latest altcoin project to suffer an inflation bug, after discovering an attack that saw rogue actors mint 315 million counterfeit RVN tokens. 

Ravencoin Suffers Inflation Bug

The Ravecoin network announced the news of the attack via a Medium blog post on Thursday (July 2, 2020). According to the post, the CryptoScope team alerted Ravencoin to the incident. Both teams worked together not to release particulars of the vulnerability to prevent copycat attacks.  

Rogue actors were able to carry out the action as a result of a vulnerability in the Ravencoin protocol. According to the official report, the hackers minted about 1.5% of the total supply cap of 21 billion, which amounts to about 315 million “coins.” 

A statement from the publication reads: 

“The vulnerability does not allow the stealing of RVN or assets that you own and control, but the minting did create RVN that should not exist. We’ve discussed the impact of the extra RVN and what can be done. Because those RVN were transferred to an exchange and traded, they are mixed with other RVN and therefore any programmatic attempt at burning them, with miner and community backing, would cause irreparable harm to innocent victims.”

The Ravencoin team proposed two solutions to the community. The first option was that since the hackers already minted 315 million extra coins, there will be 44 extra days of mining. Another option was to allow the original 21 billion coins to coexist with the new coins with halving occurring 44 days earlier. 

Consequently, the team has asked crypto exchanges and miners to upgrade to the newest Ravencoin version. Also, the network is also collaborating with law enforcement agencies. 

Bugs Plaguing Altcoin Blockchains

Ravencoin joins the list of blockchain networks to suffer inflation bugs. In response to the Ravencoin incident, Casa co-founder, Jameson Lopp listed some altcoin networks that have suffered similar incidents. They include Stellar, Bitcoin Private, Verge, and Bytecoin. Lopp further said:

“Being open source is not a panacea for a project’s security. It must have a sufficiently large set of skilled active developers.”

As reported by CryptoPotato back in 2019, the Zcash team discovered a vulnerability in their protocol in March 2018. Unlike Ravencoin, Zcash did not publicly announce the incident until February 2019. According to the Zcash team, keeping mum was a better option to avoid hackers from exploiting the vulnerability. 

Apart from counterfeit vulnerability, low-security proof-of-work (POW) altcoins also suffer 51% attacks. At the beginning of 2020, hackers stole over $70,000 in Bitcoin Gold (BTG) tokens in a double-spend attack. 

 

Enjoy reading? Please share:

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.





Read more:Hackers Exploit Vulnerability in Ravencoin Protocol to Mint 315 Million Fake RVN

Related articles

biggest dark web market doesn’t want bitcoin

biggest dark web market doesn’t want bitcoin

January 18, 2021

‘Time heals all wounds’: Programmer at peace with losing $300m Bitcoin fortune

January 18, 2021
Tags: bitcoin news todayExploitFakeHackersMillionMintProtocolRavencoinRVNVulnerability

Related Posts

biggest dark web market doesn’t want bitcoin

biggest dark web market doesn’t want bitcoin

by Bitcoin Market
January 18, 2021
0

After the fall of DarkMarket, there is a new market considered to be the largest on the dark web:...

‘Time heals all wounds’: Programmer at peace with losing $300m Bitcoin fortune

by Bitcoin Market
January 18, 2021
0

A San Francisco programmer locked out of his $300 million Bitcoin fortune because he can't remember a password has...

After dizzying gyrations, what’s bitcoin really worth?

After dizzying gyrations, what’s bitcoin really worth?

by Bitcoin Market
January 17, 2021
0

The virtual currency barrelled to new highs to rise more than 400 percent over the past year, before promptly...

Traders say Bitcoin price ‘needed pullback’ to maintain bullish momentum

Traders say Bitcoin price ‘needed pullback’ to maintain bullish momentum

by Bitcoin Market
January 17, 2021
0

Bitcoin’s parabolic increase well above its previous all-time-high has many experiencing déjà vu from 2017 and a number of...

Bahamas-Based Deltec Bank Holds a ‘Large’ Bitcoin Position | Finance Bitcoin News

Bahamas-Based Deltec Bank Holds a ‘Large’ Bitcoin Position | Finance Bitcoin News

by Bitcoin Market
January 16, 2021
0

Bahamas-based Deltec Bank & Trust said during a recent video review that it’s holding a “large position” in bitcoin....

Load More

Trend Now

  • Trending
  • Comments
  • Latest
Twitch Director Shaan Puri Moves 25% of Net Worth Into Bitcoin to ‘Front Run Wave of

Twitch Director Shaan Puri Moves 25% of Net Worth Into Bitcoin to ‘Front Run Wave of

December 11, 2020
Ledger Wallet Data Leak Dumped on Raidforums for Free, Company Regrets the Situation

Ledger Wallet Data Leak Dumped on Raidforums for Free, Company Regrets the Situation

December 21, 2020
Argo Blockchain boosts mining margins in July

Argo Blockchain boosts mining margins in July

August 5, 2020
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

May 19, 2020
Three Gorges Dam Collapse Mining Threat, China Banks Ban Buying Gold: The Bitcoi…

Three Gorges Dam Collapse Mining Threat, China Banks Ban Buying Gold: The Bitcoi…

December 4, 2020
The Most Secure Cryptocurrency Wallets for Different Users

The Most Secure Cryptocurrency Wallets for Different Users

November 1, 2020
Crypto Is Everywhere, But Should You Invest?

Crypto Is Everywhere, But Should You Invest?

0
Bitcoin daily chart alert – Bullish chart pattern develops – May 19

Bitcoin daily chart alert – Bullish chart pattern develops – May 19

0
Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

0
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

0
Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

0
Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

0
Crypto Is Everywhere, But Should You Invest?

Crypto Is Everywhere, But Should You Invest?

January 18, 2021
Markets Continue to Show Volatility

Markets Continue to Show Volatility

January 18, 2021
Will the Price of Bitcoin Crash? Uncertainty Looms as BTC Stalls under $40K

Will the Price of Bitcoin Crash? Uncertainty Looms as BTC Stalls under $40K

January 18, 2021
How cryptocurrency scams work

How cryptocurrency scams work

January 18, 2021
Bitcoin Jumps 5%, Altcoins Continue To Gain Traction

Bitcoin Jumps 5%, Altcoins Continue To Gain Traction

January 18, 2021
How Bitcoin Reached a Record-Breaking Price in January 2021 – TechStory

How Bitcoin Reached a Record-Breaking Price in January 2021 – TechStory

January 18, 2021
  • Contact Us
  • Terms of Use
  • Cookie Privacy Policy
  • Privacy Policy
  • DMCA

© 2020 MarketForBitcoin.com

No Result
View All Result
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • Investors
  • Technical
  • Crash
  • Spam
  • Stock
  • Blockchain
  • Videos

© 2020 MarketForBitcoin.com

  • BTC

    (USD 36,195.36)

  • ETH

    (USD 1,233.89)

  • XRP

    (USD 0.28)

  • BCH

    (USD 494.07)

  • EOS

    (USD 2.78)

  • LTC

    (USD 148.73)

  • XMR

    (USD 155.37)

  • TRX

    (USD 0.03)

  • USDT

    (USD 1.00)

  • BNB

    (USD 44.64)

  • BTG

    (USD 12.54)

  • BCN

    (USD 0.00)

  • BTCP

    (USD 0.12)

  • ZRX

    (USD 0.59)