River: Recent RIVER price volatility was a premeditated attack; points redemption has been suspended and the mechanism is being upgraded

ChainCatcher News, the stablecoin protocol River posted on X, stating that over the past few days, the price of RIVER has experienced extremely severe fluctuations. This incident is not an ordinary market fluctuation. It was an organized and premeditated attack, directly targeting the River ecosystem and its River Points (Pts) redemption mechanism.

Malicious short sellers carried out coordinated market manipulation against $RIVER through large short positions and concentrated redemption of River Points. To prevent systemic collapse, the team temporarily suspended points redemption and conducted market buybacks. After the suspension, the attackers quickly closed their short positions. We are upgrading the mechanism, making data public, and will hold an AMA event to share our follow-up plans with everyone.