River Protocol Faces Coordinated Attack, Implements Emergency Measures

According to PANews, the stablecoin protocol River has reported significant price volatility for its RIVER token since November 7. This fluctuation is not attributed to normal market conditions but rather a coordinated and premeditated attack targeting the River ecosystem and its token exchange mechanism. Malicious short sellers executed large-scale short positions and concentrated exchanges of River Points (Pts) to manipulate the market. In response, the River team temporarily halted the token exchange and initiated a market buyback to prevent systemic collapse. Following the suspension, the attackers quickly closed their short positions. The team is currently upgrading its mechanisms, releasing data, and planning an AMA session to discuss future plans.