Forum Discussion
ReFS volume appears RAW (version doesn't match expected value) after Windows Update
I solved this by uninstalling KB5009557. The ReFS volume came back working as it should, instead of appearing as RAW.
Update: since even the February 2022 Windows Update bricks ReFS in the same way, and hints from Microsoft are that ReFS 1.x is no longer supported, we copied everything to new disks, upgrading ReFS from 1.2 to 3.4 in the process. Such a (manual) ReFS upgrade should be the solution that everyone needs, allowing to re-enable Windows Update.
With all respect, thepierce I don't think that ReFSUtil is the solution to the problem discussed in this thread, which boils down to a ReFS version incompatibility. ReFSUtil won't do a major in-place ReFS version upgrade.
The best way I found to solve the problem is to copy (e.g. with RoboCopy) all data from the old ReFS volume to a newly formatted ReFS volume (i.e. newer ReFS version), using an operating system where the old ReFS version is still supported.
It is of course regrettable that this issue came upon us with no checks or warnings and that the workaround requires new disks, and even more so that some people were led to believe that their data was lost, and that some managed to corrupt the data in the attempt of "recovering" it.
ReFS is a good file system, and because it is fairly new (compared to NTFS) I can understand that features are sometimes added that require a newly formatted ReFS volume. These constant breaking changes may even be a reason why they pulled it from mainstream Windows 10/11, though I see work being done to bring it back. What is less understandable is the fact that the deprecation of older ReFS versions comes with no warnings upon a simple Windows Update or upgrade. This happened in 2022 with KB5009557, KB5009624, etc. on the Windows Server side, and then again on some client systems who were prompted to update their Windows 10 to Windows 11. These are perfectly recognizable situations. If a dialog appeared telling the user what they need to do before a volume disappears, we would not be spending so much time on these threads 🙂
Please, Microsoft, give ReFS the same love you gave NTFS, which in its days had in-place conversion support, while never suffering from breaking changes that (without warning) required copying entire volumes just to keep accessing the data. 
I agree. I tried a few ReFS recovery tools before I was able to roll back the KB that caused this mess and they are all terrible - searching for file signatures in volumes affected by this issue is very ineffective. I had a few TBs of data and recovery tools would claim they found 2-3 times of the original amount and they restored deleted files, confused directories, etc. I didn't try refsutil, but anything looking for signatures would probably be just as terrible.
Unlike many in this thread, I used ReFS on Win10, which was available in the original Win10 distribution. It took time to find that KB to uninstall, but once I did, I got my volumes back. Finding and uninstalling that KB is the best course of action, although it might be tricky after so many updates piling up since.