TON Blockchain Freezes as Binance and Bybit Suspend Trades

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Share

Last updated:

August 28, 2024 00:44 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

The Open Network (TON) blockchain ceased validating new transactions and failed to generate a new block for over six hours on Wednesday.

The team acknowledged the disruption in an X post, attributing it to an unusually high load affecting the network.

“Several validators are unable to clean the database of old transactions, which has led to losing the consensus,” the team said.

The network asked validators to restart at 0400 UTC on Wednesday to restore operations, as long as enough validators participate.

Meanwhile, TON-based community platform Tonk Inu posted on X that market excitement over the newly launched DOGS memecoin appears to have caused a spike in activity.

TON last dropped 2.4% on Wednesday to around $5.32.

According to a TON network tracker, the most recent transactions were confirmed over six hours ago. They were recorded in block 45341899. After that, the network ceased generating new blocks.

Blockchains process transactions within blocks. However, when new blocks stop being created, transactions go unconfirmed and unsettled. As a result, all financial or data transactions dependent on the blockchain halt. This causes significant delays or disruptions in services that require prompt transaction processing.

Binance and Bybit Suspend TON Network Trading Amid Technical Issues

Two crypto exchanges have reacted, suspending trading activities on the TON network. Bybit announced on Wednesday a suspension of all deposits and withdrawals, citing an “unstable network.” Additionally, on-chain observers noted that Binance has also halted trading.

On Aug. 26, Binance said that its TON network upgrade was experiencing delays due to unexpected complications.

Block Production Halt on TON Network Amid Telegram CEO’s Arrest

TON, originally developed by Telegram, was designed to integrate with its messaging service for enhanced functionality. The block production halt comes after French prosecutors recently arrested Telegram CEO Pavel Durov in Paris. They are investigating crimes related to child pornography, drug trafficking, and fraudulent transactions on the platform.

Although TON originated from Telegram, it now operates independently. This separation suggests that the network’s operational issues, such as the block production halt, are likely due to technical or network-related problems. They do not appear directly connected to Durov’s arrest or Telegram’s corporate affairs.