The Open Network (TON) blockchain faced issues on Wednesday when it failed to validate new transactions and generate new blocks for over six hours. The team behind TON attributed the disruption to an abnormally high load affecting the network, which caused several validators to be unable to clean the database of old transactions, leading to a loss of consensus. To address the issue, the network asked validators to restart on Wednesday to restore operations, provided enough validators participate.
Meanwhile, the TON-based community platform Tonk Inu pointed out that market excitement over the newly launched DOGS memecoin contributed to a spike in activity on the network. Despite these challenges, TON’s value dropped by 2.4% on Wednesday to around $5.32. The most recent transactions on the TON network were confirmed over six hours ago, with the last recorded block being 45341899. When new blocks are not generated, transactions go unconfirmed, causing delays and disruptions in services reliant on prompt transaction processing.
In response to the technical issues on the TON network, two major crypto exchanges, Binance and Bybit, suspended trading activities on the network. Bybit cited an unstable network as the reason for suspending all deposits and withdrawals, while Binance announced delays in its network upgrade due to unexpected complications. These actions were taken to ensure the safety and security of users’ assets amid the ongoing disruptions on the TON network.
The block production halt on the TON network coincided with the recent arrest of Telegram CEO Pavel Durov by French prosecutors in Paris. The arrest is related to investigations into crimes involving child pornography, drug trafficking, and fraudulent transactions on the platform. Despite TON’s origins with Telegram, the network now operates independently, indicating that the operational challenges experienced, such as the block production halt, are likely due to technical or network-related issues rather than directly linked to Durov’s arrest or Telegram’s corporate affairs.
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In conclusion, the recent technical issues faced by the TON network highlight the challenges and vulnerabilities that can arise in the fast-paced world of cryptocurrencies. While disruptions like the block production halt can impact users and exchanges, swift actions such as suspending trading activities are necessary to maintain the integrity of the network and protect users’ assets. As the cryptocurrency sector continues to evolve, staying informed through reliable sources like Cryptonews is crucial for making informed decisions and navigating the complexities of this ever-changing landscape.
