Over the past few days, River Pts price experienced extreme volatility. and we know many of you are frustrated, disappointed, and even angry.
Before anything else, we want to say this clearly: we understand how you feel — and we feel the same way.
What happened was not ordinary market movement.
It was an organized, coordinated attack targeting the River ecosystem and its River Pts conversion mechanism.
TL;DR
- A coordinated market manipulation targeted $RIVER through large short positions and concentrated Pts conversions.
- To prevent systemic collapse, the team temporarily suspended Pts conversion and executed market buybacks.
- Attackers quickly closed short positions following the suspension.
- We are now upgrading the mechanism, releasing data, and hosting an AMA to share our next steps.
What Happened
Starting on Nov 7, we observed unusual and suspicious activity across multiple exchanges:
- Large short positions were opened simultaneously.
- Massive amounts of River Pts were converted to RIVER and immediately sold.
- Funding rates turned sharply negative.
This mirrored a “Soros-style attack”, where aggressors exploit weak liquidity conditions to create pressure on both spot and derivatives markets — triggering a chain reaction of panic and loss of confidence.
At first, we responded by buying back RIVER from the market to stabilize liquidity and sentiment.
However, when the same pattern reappeared on Nov 9, it became clear this was a deliberate, repeated manipulation — not random volatility.
Why We Temporarily Suspended River Pts Conversion
We know this was a painful and controversial decision.
Pausing conversion can make holders feel trapped — and we don’t take that lightly.
But leaving the mechanism open would have allowed attackers to amplify the pressure loop, using short positions and conversion flows to drain liquidity and collapse confidence entirely.
If we had done nothing, the likely outcome was a self-reinforcing spiral leading to total market failure.
It was, quite literally, a trolley-problem moment:
Do we stand by and watch the entire ecosystem collapse — or do we pull the brake to protect the long-term interests of the majority?
We chose the latter.
After the suspension, we observed attackers closing their shorts rapidly, confirming that the decision successfully prevented a deeper crash.
Taking Responsibility and Next Steps
We fully acknowledge our responsibility in this.
This incident exposed a structural weakness in the River Pts conversion design — one we must now strengthen.
Here’s what we’re doing next:
- Redesigning the River Pts conversion mechanism with improved risk controls to prevent coordinated exploitation.
- Publishing on-chain and exchange data to explain the event transparently.
- Hosting a community AMA – We will take responsibility, address the issues promptly, and listen carefully to community feedback.
- Continuing strategic buybacks and stabilization measures before reopening conversion under a safer model.
To Our Community and Holders
We hear your criticism and frustration. We know that trust is earned through actions, not words — and we intend to prove that over time.
We have never engaged in short-term trading or profit-seeking behavior.
We have turned down multiple offers for “volatility-driven” partnerships because we believe RIVER should grow organically and sustainably.
This attack was a harsh reminder — but it also showed us what kind of project we want to be:
Transparent, resilient, and focused on long-term value.
To everyone who continues to stand with us — thank you.
We will keep moving forward, strengthen our systems, communicate openly, and ensure that $RIVER emerges stronger and more stable than before.
