Quoted from the new FAQ:
"What about the revenants? What is going to happen with them?
Revenants will be added to a new PvP enabled dungeon. Revenants will have all PvP unique drops such as brawlers, corrupt dragon and statues added to them. Revenants will no longer teleblock or freeze opponents but will continue to change combat styles and generally cause havoc.
The Forinthry bracelet now has new functionality – you can use it to repel revenants and also give temporary immunity to damage from them.
"