Upbit delists Ravencoin on October 12: 57 percent of RVN trading volume disappears

Upbit ends trading in Ravencoin (RVN) on October 12, 2026 at 3 p.m. Korean time (KST), which is 8 a.m. in Germany. All three of the exchange's order books are affected: RVN against the Korean won, RVN against Bitcoin and RVN against the dollar stablecoin USDT. With that, RVN loses the trading venue which has so far carried the largest share of global daily volume. The practical question for you is therefore not where the price is heading, but where you can still get out at all after the cut-off date.

This article places the date in context, names the deadlines that are documented, and separates them from those circulating online without any reachable source behind them. It also shows what you as a holder in Germany actually have to decide before October 12: sell on an exchange that keeps RVN listed, or transfer into your own custody. You will not find a price call or a recommendation here.

Upbit ends trading in Ravencoin on October 12

Upbit is South Korea's largest crypto exchange and settles trading predominantly in Korean won. The exchange had already announced the end of trading support for Ravencoin on September 10. At the stated time the three RVN markets will be closed; according to the announcement, open buy and sell orders in these pairs will be cancelled across the board. In exchange jargon the process is called a delisting: the exchange permanently discontinues trading support for an asset, and the token disappears from the order books.

In Upbit's own market overview, each of the three Ravencoin markets carries the warning label with which the exchange flags projects with unresolved risks. A comparable market such as the won order book for Bitcoin does not carry this label. That labelling is the visible part of the procedure: Upbit had classified Ravencoin on August 11 as a project under a trading warning and, after a review, decided that the grounds for the classification had not been cleared up. From that followed the decision to end trading support under its own policy.

What a delisting means for your balance and what it does not

A delisting deletes no coins. Your RVN remain on the Ravencoin blockchain, and the exchange continues to carry them as a balance in your account for the time being. What falls away is solely trading on this venue: after the cut-off date you can neither buy nor sell there. What decides the withdrawal in such a case is the second deadline an exchange sets, and that is precisely the critical point here.

KAWPOW consensus bug and checkpoint 4,487,775: the background to the delisting

The reason for the wave of delistings lies in August. Ravencoin uses the mining method KAWPOW, a variant of ProgPoW in which the block height in a block's header data helps steer the calculation of the proofs of work. In validation, this height field was never reconciled against the block's actual position in the chain. Anyone who manipulated the value could get a vulnerable node to accept a supplied hash without having performed the actual computational work.

The gap was exploited from August 7, 2026. The first known invalid block was accepted at height 4,487,776. On August 10 the mining pool 2Miners published the emergency patch in version 4.6.1.1-hf1. It rejects every block whose stated height does not match its actual position, and sets a fixed checkpoint at block 4,487,775, the last block before the first invalid one. Two large pools, 2Miners and RavenMiner, built an alternative chain from that block and together supplied the majority of the hash power for it. 2Miners documented the details of this rescue operation in its own monthly report.

For the exchanges this was a double problem. On the one hand they had to halt deposits and withdrawals, because confirmations after block 4,487,775 counted as potentially reversible. On the other they faced the question of whether a network that only keeps running with an emergency patch and a fixed checkpoint still meets their own listing criteria. Several Korean exchanges answered that question initially with a trading halt and a warning list, and Upbit now with the delisting. For holders that means: the tradability of cryptocurrencies with an open security incident is decided by the exchanges' risk assessment, not by the price action.

Upbit, Bithumb, Bitvavo: the stages of the delisting wave since August 7

The Upbit date is not the first cut for RVN holders but the third step in a chain that began immediately after the consensus bug. For you as a German investor the second stage was the most important, because it affected an exchange with German customers.

• August 7 to 11: the attack on the chain runs, the patch appears, Korean exchanges put RVN on the warning list. Upbit classifies Ravencoin on August 11 as a project under a trading warning.
• September 18: Bitvavo removes Ravencoin from trading together with Kava and Nano (XNO). How that step unfolded, which deadlines applied and why the automatic EUR swap on September 28 was a sale for tax purposes is set out in our article on the Bitvavo delisting of Kava, Nano and Ravencoin. Both deadlines have since expired.
• October 12: Upbit closes the three RVN markets. With that the largest remaining source of liquidity falls away.

Bithumb, the second large Korean exchange, also carries Ravencoin on a delisting watchlist. A date for a possible delisting has not been published there so far, at least not by a route that can be read from the outside. Anyone holding balances at Bithumb should therefore keep watching the matter rather than rely on a deadline that is written down nowhere.

Upbit carries the largest share of RVN trading volume: the market after the cut-off date

How much liquidity falls away on October 12 can be quantified. On October 2 we evaluated the trading venues that run an order book for Ravencoin: there were 39 exchanges with a combined daily volume of roughly $9.4 million. Of that, about 57 percent fell to Upbit alone. Next, at a clear distance, come CoinUp.io with roughly 18 percent and Binance with a good 8 percent; Bithumb came to roughly 2 percent. All the remaining venues were each below 3 percent.

This distribution explains why the date is more than a footnote. When a market that supplies more than half of turnover is taken out of trading, the volume does not simply redistribute evenly. As a rule part of it moves away, part of it disappears, and the remaining order books get thinner. What thin order books cost on a sale is set out below. If you are thinking about changing trading venue anyway, our comparison of the best crypto exchanges puts the terms of the common providers side by side.

What the figures do not say

Volume shares are a snapshot. A share describes where trading happened on one day, not how deep the order books are on another. For your decision, the exact percentage therefore matters less than the order of magnitude: a single market carries the trading, and that market is closing.

Open orders, deposits, withdrawals: what Upbit has announced about the process

Three things in the announcement go beyond merely naming the date. First, trading support for all three pairs ends at the same time, so there is no market that stays open longer. Second, open orders in these pairs will be cancelled on the cut-off date; a limit order you place today and which is not filled by then therefore lapses rather than remaining in place. Third, Upbit expressly cites the project's unresolved security situation as the reason and refers to its own policy on ending trading support.

The date itself is also carried by the calendar service CoinMarketCal, whose entry on the end of RVN market support at Upbit names October 12 and the time. Two mutually independent reporting routes thus arrive at the same date.

The November 11 withdrawal deadline is a figure from reports, not a confirmed notice

This is the point at which you should be careful. Several trade publications render the announcement as saying that withdrawal of RVN remains possible for a further 30 days beyond the end of trading, which puts November 11, 2026 forward as the cut-off date for the last transfer. That rhythm matches what the exchange has applied in comparable cases. What is missing is confirmation from the exchange's own notice, because its announcement pages are not reliably reachable from outside. Earlier reports on the same matter expressly recorded that details on affected pairs, withdrawal deadlines and grounds had not yet been published.

In practice that means: treat November 11 as a guide, not as a guaranteed deadline. Anyone with balances sitting on an exchange whose trading support is ending has no reason to push the withdrawal to the edge of a deadline that exists only in reports. That holds regardless of whether November 11 or another date applies in the end.

Warning signs that apply regardless of the date

When trading support for an asset falls away at an exchange, experience shows that further restrictions follow: deposits are closed first, then withdrawals, and at the end in some cases comes an automatic swap of the remaining balance into the exchange's main currency. That is exactly how it went at Bitvavo with the EUR swap at the end of September. Whether Upbit plans such a step has not been announced.

German investors and RVN: which exchanges with MiCA authorisation still list the token

The liquidity for Ravencoin sits predominantly on venues that do not address German retail customers. The won market at Upbit requires a Korean account, and several of the other trading venues from the evaluation are not available in the EU, or only to a limited extent. Since the EU regulation on markets in crypto-assets, MiCA for short, a provider needs an authorisation as a crypto-asset service provider in order to offer services to German customers. Which obligations come with it and how long the transitional rules run is something we compiled in our overview of the MiCA licensing obligations for crypto companies.

In practical terms that means: before you rely on an alternative venue, it is worth looking at whether the provider is authorised in the EU and whether it still carries RVN at all. An overview of providers with European authorisation is in our comparison of regulated crypto exchanges. A token that sits on the delisting list at several large exchanges may follow at further providers; there is no guarantee that a trading venue available today will still be trading in six months.

Sell or transfer to your own wallet: two routes before the cut-off date

For RVN balances on an affected exchange there are exactly two clean routes before October 12, and both have pitfalls of their own.

Route one: sell while an order book is open

Selling ends the position and produces proceeds in euros, won or a stablecoin. The timing is decisive: the closer to the cut-off date, the thinner the order book and, as a rule, the worse the price achieved. Anyone who wants to sell has time between today and October 12 and does not have to leave this step to the final hour. For tax purposes a sale is an event with consequences, more on that shortly.

Route two: withdrawal to your own address

The transfer into your own custody keeps the coins without tying them to the exchange. For that you need a wallet that actually supports Ravencoin: an address from a Bitcoin wallet or an ERC-20 address does not work, because RVN has its own blockchain. Check the address before the transfer, send a small test amount ahead and wait for the confirmation before the rest follows. Which devices carry Ravencoin and how the models differ is shown by our hardware wallet comparison. On fees the rule is: every exchange charges its own withdrawal fee, which on small balances can make the transfer uneconomic.

The third route is not one

Doing nothing and waiting is the most expensive variant in this situation. If a withdrawal deadline expires before you react, the balance hangs on the exchange's customer service, and with a token without trading support that is a lengthy road. At the Bitvavo delisting the chain ended in an automatic swap into euros, at the rate that applied on that day.

Tax in Germany: a forced swap counts as a sale for tax purposes

For private investors in Germany, gains from crypto-assets fall under private disposals pursuant to Section 23 of the Income Tax Act. Two points are decisive in this situation. First: if more than twelve months lie between purchase and sale, the gain is tax free. Second: within the one-year period the total gain from all private disposals in a year stays tax free up to 999.99 euros; once the limit of 1,000 euros is reached, the complete amount is taxable.

The decisive point with a delisting: a forced swap carried out by the exchange is also a disposal for tax purposes. You do not trigger it yourself, but it counts just the same. Anyone holding balances that are close to the end of the one-year period therefore has an interest of their own in choosing the date themselves rather than leaving it to the exchange. A pure transfer to your own address, by contrast, is not a taxable event, because the owner stays the same; document it anyway, because the acquisition data are needed for the later disposal. Tools that bring such events together across several exchanges are in our overview of crypto tax tools and portfolio trackers.

Losses from a forced swap

Not every delisting sale ends in a gain. If the proceeds fall below the purchase price, a loss from a private disposal arises. Such losses can only be offset against gains from private disposals, not against wages, interest or dividends. If a remainder is left at the end of the year, the tax office carries it forward on request and offsets it against gains in later years. For that, however, the event has to appear in the tax return, even if there is nothing to pay tax on in the end.

What belongs in your own records

For every event, record the date, the quantity, the price and the equivalent value in euros, plus the exchange and the transaction number. With an automatic swap by the exchange, what counts is the moment the exchange carries it out, not the day you find out about it. Reconstructing these details later from an account that no longer carries the asset is laborious.

Spread and liquidity in a thin order book: the risk of selling under time pressure

When the largest market closes, trading spreads across smaller venues with less depth. Two effects hit you directly. The spread, meaning the gap between the best bid and the best offer, widens. And an order larger than the first level of the order book is filled in several steps at worse prices; this effect is called slippage.

In practice that means a sell order without a price limit can be filled well below the displayed price when the book is thin. A limit order protects against this effect but runs the risk of not being filled at all, and at Upbit it will be cancelled on the cut-off date anyway. Anyone holding larger balances is therefore better off spreading the sale over several days than putting everything into one order.

A second point concerns the price itself: delisting announcements often move prices well before the date. No reliable statement about where RVN is heading can be derived from that, and we are not making one here either. All that can be said is that the trading options grow fewer with every step of this wave.

Ravencoin delisting: how to proceed now

Three steps that can be worked through before October 12:

1. Take stock across all accounts. Look at which exchanges you hold RVN on and whether trading there is still open. If your balance sits on an exchange that is removing the token, decide now between selling and withdrawing. Which providers carry which tokens and what the trading costs is shown by the comparison of the best crypto exchanges.
2. Settle custody before you transfer. If you want to keep the coins, first set up a wallet that supports Ravencoin and send a test amount ahead. An overview of the common programs is in the software wallet comparison.
3. Pin down the tax position. Note the acquisition date and acquisition price of your RVN before a sale or a forced swap takes place, and check whether the one-year period has already elapsed. The tools from our overview of crypto tax tools and portfolio trackers help with this.

(As of October 2, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)