'Token plunge' explanation from River… "Not selling pressure but a systemic attack"

The chain-abstraction stablecoin protocol River has moved to explain the recent token price plunge.

On the 10th (local time), River said via its official X account, "The two attacks River recently experienced were not merely selling pressure from whales (large investors)," adding, "If it had been ordinary selling, the market and the team would have naturally absorbed it or responded through buybacks (share repurchases)." Earlier, River's native token RIVER fell nearly 15% in about an hour on the previous day (the 9th), dropping from $8.2 to $7.

River emphasized that a 'systemic attack' was behind the plunge. River explained, "This attack was a systemic manipulation attack," adding, "It was an attempt to take advantage of times with low liquidity to profit." It added, "When the first attack attempt was discovered, the River team carried out a large-scale spot buyback, and did the same during the second attack attempt," noting, "However, we recognized that simply continuing to buy alone would be difficult to fundamentally solve the problem."

It also mentioned follow-up measures. River said, "We have already begun mechanism optimization and data re-verification," and "We are working closely with various partners to carry out follow-up measures in an orderly manner." It said, "We fully understand and respect current market sentiment and doubts," and added, "What is most important now is action and measures, not excuses or explanations."