River attributes sharp token drop to planned attack

Chain abstraction stablecoin protocol River has stated on X that the recent sharp decline in its token price was the result of a planned attack, not natural selling pressure. The protocol explained that the plunge was caused by a very short-term short position that exploited a period of low liquidity and the discrepancy between contract and spot trading volumes. According to River, the attackers swapped River Points for RIVER tokens and then sold them off in a concentrated manner. The team noted that it detected the first attack attempt and responded with a large-scale spot buyback. A similar response was mounted against a second attack, though the team acknowledged this was not a fundamental solution. River added that it has provided all buyback records to Binance and other exchanges and is now carefully reviewing follow-up measures.