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TON Blockchain Experiences Downtime; Binance and Bybit Suspend Trading

Blockchain

Business Honor
28 August, 2024

TON's blockchain explorer, Tonscan, reported that the network had not produced any new blocks

The Open Network (TON), once linked with the messaging giant Telegram, has suffered a significant disruption, halting new block production for over four hours. The network, which was initially developed by Pavel and Nikolai Durov, experienced an unexpected issue late Tuesday, resulting in halted transaction processing.

TON's blockchain explorer, Tonscan, reported that the network had not produced any new blocks. In a statement on its X account, TON acknowledged the problem, attributing it to an "abnormal load" that has affected its block production capabilities. Many validators are finding it difficult to clear the database of older transactions, which contributes to an erosion of consensus on the network. Validators are actively working to restart their nodes and software to restore normal operations. Major cryptocurrency exchanges such as Binance and Bybit have ceased TON withdrawals and deposits in response to the disruption. Decrypt confirmed these actions, reflecting the severity of the situation. Earlier on Tuesday, Tonscan highlighted that the launch of the $DOGS meme coin was generating substantial traffic on the network, contributing to the strain on its services. The TON blockchain, introduced in 2018 through a Telegram Whitepaper, faced regulatory challenges when the SEC halted its initial coin offering of the Gram token, citing concerns over unregistered securities.

Despite Telegram's withdrawal in 2020, community developers continued the project, leading to the current network overseen by Anatoliy Makosov and Kirill Emelianenko. The current technical issue highlights ongoing challenges within the network’s operational stability.