The Open Network (TON) blockchain resumed operation on Wednesday after a six-hour downtime.
Date: 2024-08-28 Author: Gabriel Deangelo Categories: BLOCKCHAIN
The TON team announced the restoration of operation on the social network X: "TON is generating blocks again! We are back online."
Earlier in the day, the TON team confirmed the network outage, explaining that several validators failed to clear the database of old transactions, which led to a loss of consensus.
At the time of the outage, activity on the network increased, likely due to the hype around the recently launched DOGS memecoin, which may have also affected the network, according to the Tonk Inu platform.
The price of the TON token dropped to around $5.33 on Wednesday. According to the TON network tracker, the last recorded transaction was in block 45341899, after which the production of new blocks stopped. However, the blockchain is now functioning normally again.
Amid these technical issues, two cryptocurrency exchanges, Binance and Bybit, have suspended trading operations on the TON network. Bybit announced that it was suspending all deposits and withdrawals, citing an “unstable network,” while observers noted that Binance had also suspended trading.
Interestingly, the suspension of block production comes amid the recent arrest of Telegram CEO Pavel Durov in France, where he is suspected of involvement in crimes related to child pornography, drug trafficking, and fraudulent transactions on the platform.
While the TON blockchain was originally developed by Telegram, it now operates independently of the company. This suggests that blockchain issues such as the halt in block production are likely due to technical glitches on the network and are not directly related to Durov’s arrest or Telegram’s corporate affairs.
