PANews reported on November 10th that the stablecoin protocol River posted on the X platform that the price of RIVER has experienced extremely volatile fluctuations over the past few days (since November 7th). This event was not ordinary market volatility. It was an organized and premeditated attack targeting the River ecosystem and its River Points (Pts) redemption mechanism. Malicious short sellers manipulated the market by placing large short orders and concentrating on redeeming River Points. To prevent systemic collapse, the team temporarily suspended Pts redemptions and implemented market buybacks. After the suspension, the attackers quickly closed out their short positions. We are upgrading our mechanisms, releasing data publicly, and will be holding an AMA to share our follow-up plans.PANews reported on November 10th that the stablecoin protocol River posted on the X platform that the price of RIVER has experienced extremely volatile fluctuations over the past few days (since November 7th). This event was not ordinary market volatility. It was an organized and premeditated attack targeting the River ecosystem and its River Points (Pts) redemption mechanism. Malicious short sellers manipulated the market by placing large short orders and concentrating on redeeming River Points. To prevent systemic collapse, the team temporarily suspended Pts redemptions and implemented market buybacks. After the suspension, the attackers quickly closed out their short positions. We are upgrading our mechanisms, releasing data publicly, and will be holding an AMA to share our follow-up plans.
River: The recent dramatic price fluctuations of River were a premeditated attack. Points redemption has been suspended and the system is currently being upgraded.
PANews reported on November 10th that the stablecoin protocol River posted on the X platform that the price of RIVER has experienced extremely volatile fluctuations over the past few days (since November 7th). This event was not ordinary market volatility. It was an organized and premeditated attack targeting the River ecosystem and its River Points (Pts) redemption mechanism. Malicious short sellers manipulated the market by placing large short orders and concentrating on redeeming River Points. To prevent systemic collapse, the team temporarily suspended Pts redemptions and implemented market buybacks. After the suspension, the attackers quickly closed out their short positions. We are upgrading our mechanisms, releasing data publicly, and will be holding an AMA to share our follow-up plans.
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